Fairshake Disburses IDR 32 Billion To Defeat Candidates For Incumbent Jamaal

Fairshake disbursed IDR 32 billion to beat incumbent candidate Jamaal Badminton (Photo; Doc. Hustlermoneyblog)

Fairshake, a political action committee (PAC) backed by well-known crypto companies Ripple and Coinbase, has allocated more than 2 million US Dollars (approximately IDR 32.7 billion) to fight incumbent candidates in the Democratic preliminary election for New York's 16th Congress District. Recent data from the United States Federal Election Commission shows that Fairshake has invested large amounts of funds in media campaigns to hinder the re-election of Democratic House of Representatives Jamaal

Reporting from CryptoNews, Fairshake-funded ads did not explicitly mention crypto assets or blockchain technology, but accused Rep.

Congressional records show that Rep.men have voted against several laws relevant to the crypto industry, including the Financial Innovation and Technology for the 21st Century (FIT21) Act, the CBDC Anti-Surveillance State Act, and a joint resolution aimed at overturning regulations by the Securities and Exchange Commission regarding crypto handling by banks.

On the other hand, flight challenger George Latimer, a former New York State Senator, has made few public statements about digital assets. Moe Vela, former director of Administration for the then Vice President, Biden, acknowledged the effectiveness of such attacking ads in garnering voters. However, he encouraged PAC to prioritize legislative issues rather than targeting individual candidates.

Fairshake's involvement in the election left a significant imprint. In March, California Representative Katie Porter lost in the preliminary election to the Senate after becoming a target for Super PAC ads accusing her of receiving campaign contributions from executives big pharma, big oil, and big bank. Rep. Porter later claimed that the crypto industry was trying to silence discussions about digital assets through this media campaign.

Ahead of election day which is less than five months away, the crypto industry continues to engage in politics. Coinbase, which was a early supporter of Fairshake, recently donated an additional 25 million US Dollars (approximately IDR 409 billion) to Super PAC, bringing the total collected funds to around 160 million US Dollars (approximately IDR 2.6 trillion).