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Crypto Lobbyist Group Fairshake Dispensed $29,000,000 in September Alone As November Election Approaches

October 22, 2024

The crypto lobbyist group Fairshake disbursed nearly $29 million in September ahead of the American presidential election next month.

A Federal Election Commission filing indicates Fairshake, a super political action committee (PAC), had dispensed more than $142.3 million year-to-date by the end of September and still had $42.8 million of cash on hand.

Fairshake sent $15 million in September to the political group called Defend American Jobs, an associated super PAC that has backed pro-crypto Republican candidates. Notably, the political research group OpenSecrets reports that Defend American Jobs has spent more than $40 million to support Republican businessman Bernie Moreno, who’s running to try and unseat Ohio Senator Sherrod Brown, a vocal critic of the digital asset sector.

The digital asset advocacy group Stand With Crypto gives Brown an “F” rating, indicating the incumbent senator is “strongly against crypto.”

Brown voted against the pro-crypto House Resolution 109, which would have reversed the U.S. Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121.

SAB 121 is a guidance bulletin that states certain companies should label digital assets as liabilities on their balance sheets, even if they are simply holding them for customers.

The House Resolution passed the House and Senate earlier this year but was vetoed by President Joe Biden in May.

In September, Fairshake also disbursed $5 million to Protect Progress, a PAC supporting pro-crypto Democrats.

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