Donald Trump · Republicans · US Congress · White House · CoinDesk
The Texas successes join a recent Fairshake sweep from the $20 million it spent supporting candidates in Kentucky
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However, the industry has also seen setbacks, most notably in Illinois, where Fairshake spent more than $10 million trying to defeat Lt.
Key facts
- And the new Fellowship PAC, established with about $11 million, far short of an originally pledged $100 million, has solely contributed Republican support in several races
- The brothers atop Gemini, Tyler and Cameron Winklevoss, set up the Digital Freedom Fund with $21 million to support Republican candidates and President Donald Trump's crypto agenda, though the PAC
- More recently, it's supporting Republican Mike Rogers' Michigan Senate run with almost $900,000 in spending
- So far, the millions in ads it's bought for Republicans (the most, $629,000, going to Barr in Kentucky) has run through Nxum Group, a firm co-founded by Tether U.S. CEO Bo Hines (a former crypto
Summary
The Fairshake PAC and its affiliates are still the major force in crypto election clout, and they're marking several significant congressional campaign victories bought with tens of millions in spending. But several new crypto PACs have emerged, and their Republican focus could shift some of the bipartisan energy carefully built over multiple campaign cycles. The Texas primary runoffs this week, and the loss of longtime incumbent U.S. Representative Al Green, a crypto critic, reinforce that the crypto PACs may be a significant influencer in the makeup of next year's Congress. The U.S. cryptocurrency industry has flexed its campaign-finance might to help dethrone veteran incumbents and elevate new allies in Texas and other states as the congressional midterm season approaches full velocity, though the arrival of new political action committees may put the sector's meticulous bipartisanship in question.