Crypto Industry Spends Big Attacking Critics, Boosts Allies in 2024 Races

Cryptocurrency executives spent $10 million on ads attacking Rep. Katie Porter before the California Senate primary, which she lost. The ads were funded by a super PAC called Fairshake.

The cryptocurrency industry is flexing its political muscle in the 2024 election cycle, boosting candidates supportive of crypto and trying to oust critics.

Fairshake's top donors include major crypto investors and executives like the Winklevoss twins and Coinbase's CEO. Coinbase aims to educate candidates on crypto issues.

Some analysts debate whether the ads really impacted Porter's loss, or if other factors like Rep. Adam Schiff's strategy to boost a Republican were more influential.

A crypto advocacy group graded Porter "F" on crypto issues citing limited evidence, while Schiff got an "A" just for supportive language on his campaign website.