Industry's PAC Keeps Seeking to Add Allies as Congress Hashes Out Crypto Legislation
2025-06-30 16:10:04
Main Idea
The crypto industry's Fairshake PAC spent $1 million to support a pro-crypto Democrat, James Walkinshaw, in a Virginia special-election, aiming to influence crypto-friendly policies in Congress.
Key Points
1. Fairshake PAC, backed by major crypto firms like Coinbase and Ripple, invested $1 million in James Walkinshaw's campaign for a Virginia congressional seat.
2. Walkinshaw won the Democratic primary and is favored to win the general election, benefiting from the industry's financial support.
3. Walkinshaw's campaign advocates for modern, risk-based crypto regulations to support innovation and reduce consumer fees.
4. Fairshake PAC and its affiliates still have approximately $116 million in reserves to continue influencing crypto-related political campaigns.
5. The PAC's strategy focuses on electing candidates who support crypto-friendly policies, countering opposition from some current Congress members.
Description
The crypto industry's political-finance arm, the towering campaign-funding entity known as Fairshake, dropped another $1 million into the coffers of a special-election candidate hoping to replace a Virginia Democrat who died in office, Representative Gerald Connolly. The candidate favored by the industry's chief political action committee, James Walkinshaw , won the Democrats' so-called firehouse primary over the weekend , in which the party conducted its own polling to determine its chosen cand...
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