Fairshake, a lobbying group in the crypto industry, has made significant financial contributions to election campaigns ahead of the upcoming U.S. presidential elections. In September alone, the group distributed approximately $29 million to various campaigns. According to a filing with the Federal Election Commission, Fairshake has spent a total of $142.3 million this year and still has a cash reserve of $42.8 million.
One notable recipient of Fairshake’s funding is a political group called Defend American Jobs, which supports Republican candidates known for their crypto-friendly stance. OpenSecrets, a political research group, reported that Defend American Jobs has spent over $40 million to support Republican businessman Bernie Moreno in his campaign against Ohio Senator Sherrod Brown. Brown has been a vocal critic of the crypto asset sector and has received a low rating from the crypto asset advocacy group Stand With Crypto.
One of the key issues surrounding crypto assets is their classification on balance sheets. House Resolution 109, which aimed to overturn the SEC Staff Accounting Bulletin No. 121, was rejected by Brown. SAB 121 requires certain companies to label crypto assets as liabilities on their balance sheets, even if they are held for customers. Although the House Resolution was passed earlier in the year, it was vetoed by President Joe Biden in May. In response, Fairshake transferred $5 million to a PAC called Protect Progress, which supports crypto-friendly Democrats.
The financial activities of Fairshake, as revealed in the filing with the Federal Election Commission, highlight the efforts of the crypto industry to gain more influence in the political arena. By supporting both Republican and Democratic-friendly groups, Fairshake aims to secure backing for the crypto sector from both parties. These financial contributions are an important step in the ongoing discussions surrounding the regulation and acceptance of crypto assets. They demonstrate the industry’s commitment to gaining political support and shaping the future of the sector.
It is important to note that the information provided in this article should not be taken as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research. For the latest news and updates, readers can follow Fairshake on Telegram, Facebook, Twitter, and Coinmarketcap.