Industry's PAC Keeps Seeking to Add Allies as Congress Hashes Out Crypto Legislation

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.