Crypto PACs’ House targets raise eyebrows - Semafor
The cryptocurrency industry’s leading network of super PACs is under scrutiny after revealing it will back 19 House Republicans but only 13 House Democrats.
Fairshake, which emerged as a kingmaker last election cycle, said three members from each party would receive $1 million ahead of November. But it did not provide a breakdown for the rest of its spending, even as skeptics pointed out that its list contained more Republicans than Democrats in tough races.
“The absence of [North Carolina Democratic Rep.] Don Davis is the most dangerous thing, because that’s a Dem who’s in a swing seat who’s not getting love,” despite backing the industry’s top legislative priority, one cryptocurrency executive told Semafor.
Last cycle, “there was at least the argument that Dems had driven them to this; this time, it’s been two years of going hard in on [President Donald] Trump.”
Hill Democrats privately grumbled about Monday’s announcement and the group’s decision not to support Democratic backers of cryptocurrency legislation like Davis and Rep. Kristen McDonald Rivet, D-Mich., who represent swing districts and stood to benefit from outside spending.
The vast majority of lawmakers on Fairshake’s list represent safe districts, facing only token opposition in their general elections. And the three Democrats named by Fairshake as receiving $1 million represented districts that have been competitive in previous elections but who are expected to win re-election this year.
Fairshake, which a spokesperson noted “has always been and always will be an issue-focused organization,” spent more in Democratic primaries than Republican ones this cycle. But Monday’s announcement is nevertheless fueling speculation that it could give the GOP a boost in Senate races by not spending against Sen. Susan Collins, R-Maine, despite her vote against the cryptocurrency bill.
“It’s completely full of sh*t,” another cryptocurrency executive told Semafor after Fairshake announced plans to spend against former Sen. Sherrod Brown, D-Ohio, last month. “The fig leaf of bipartisanship is no longer fooling anybody.”
