In the same state, Fairshake endorsed incumbent Rep. April McClain Delaney for $516,000, while also contributing to ad spending in other states’ Tuesday primaries for incumbent Republican Rep. Blake Moore in Utah and $1.3 million for one of the industry’s most trusted allies in the House, Rep. Ritchie Torres, a New York Democrat. All of them also won their elections or were winning, with McClain Delaney leading while the votes were still being counted.
The most recent Federal Election Commission filings showed Fairshake with about $126 million still on hand as of late last month. But he is spending big leading up to November’s general election, which will decide the two-year fate of the US Congress.
If Boafo contributes to the emergence of a new Democratic majority in the House, the crypto industry will have a campaign finance tie to him and other Democrats the PAC has supported. A Democratic majority has a 79% chance of betting on the Kalshi prediction market platform, and if the party obtains that status, it will have the chairmanship of all committees, with control of the House agenda and subpoena power.
Fairshake’s approach is to inundate pro-crypto candidates of both parties with large-scale independent advertising that cannot be legally coordinated with the campaigns. The ads typically do not mention cryptocurrencies as a political issue, but are simply calculated to use whatever political messaging is most useful to the candidates.
