Fairshake Crypto PAC Network Backs 32 House Candidates in Midterms
The CLARITY Act failed in the Senate, raising the stakes for which lawmakers return to Congress to shape crypto regulation after the midterm elections.
TL;DR
- Fairshake, a cryptocurrency political spending network, is supporting 32 House incumbents in the upcoming general elections.
- The group aims to preserve a pro-crypto bloc in Congress, with 19 Republicans and 13 Democrats among the backed candidates.
- This broad push into general elections follows the failure of the crypto industry's signature market-structure bill, the CLARITY Act, to advance in the Senate.
- Fairshake and its affiliated super PACs have substantial financial backing, with over $120 million in cash as of September.
- All 32 supported candidates voted for the CLARITY Act when it passed the House.
- Key beneficiaries include members of the House Financial Services Committee, who could influence future crypto legislation.