Republican candidates are voicing sharp criticism after a major pro-crypto political action committee (PAC) announced support for Democrats in crucial Senate races in Arizona and Michigan — a move that many in the GOP see as a betrayal of their growing alliance with the crypto industry.
Fairshake PAC, along with its affiliated super PACs, announced on Aug. 14 that it had allocated approximately $3 million each to back Democratic candidates Rep. Ruben Gallego in Arizona and Rep. Elissa Slotkin in Michigan.
The endorsements come as a shock to many Republicans, who had increasingly viewed the crypto sector as a natural partner in their push for innovation and economic growth.
Anti-crypto candidates
Kari Lake, the Republican candidate running against Gallego in Arizona, voiced strong disapproval of Fairshake’s decision. Lake, who earned an A rating from Stand With Crypto for her staunch support of the industry, emphasized that Republicans have consistently championed the interests of the crypto community.
Lake said:
“This move undermines the very partnership we’ve worked hard to build with the crypto industry. The decision to back Democrats who have historically opposed crypto-friendly legislation raises serious questions about Fairshake’s commitment to the industry’s future.”
In Michigan, Slotkin’s newfound support from Fairshake PAC has also drawn ire from Republican operatives. Slotkin, who had previously received an F-rating from Stand With Crypto due to her skeptical stance on crypto, now finds herself benefiting from the PAC’s substantial financial backing. This sudden shift has left Republicans questioning the reliability and consistency of the PAC’s support.
Mike Rogers, a former congressman and Republican candidate in Michigan, criticized Fairshake’s decision, highlighting the inconsistency of Slotkin’s record.
He said:
“Slotkin has spent years opposing the very industry that now funds her campaign. It’s clear that this PAC is playing politics rather than standing by the principles of innovation and economic freedom.”
Fairshake spokesperson Josh Vlasto defended the PAC’s decision and told the news outlet:
“We support candidates who embrace innovation, protect American jobs, and work across the aisle to get things done.”
However, this rationale has done little to assuage the concerns of Republicans who have been cultivating a relationship with the cryptocurrency sector, especially amid a challenging regulatory environment.
Strategists echo critique
Republican strategists argue that the GOP’s embrace of the crypto industry aligns with their broader goals of fostering economic growth, attracting younger voters, and positioning the party as forward-looking. They view the PAC’s support of Democrats as a direct challenge to these efforts.
Republican strategist Matt Mackowiak told NBC:
“The cryptocurrency industry has seen firsthand the GOP’s commitment to creating a favorable environment for innovation, Fairshake’s decision to back candidates who have, until recently, opposed crypto-friendly policies is a disappointing and short-sighted move.”
The crypto industry and its affiliated PACs have raised over $100 million to influence congressional races, aiming to secure a favorable regulatory landscape. While Fairshake has allocated significant funds to support candidates across party lines, its decision to back Democrats in these key races has fueled tensions within the GOP.
As the 2024 election cycle heats up, Republican candidates are urging Fairshake and its backers to reconsider their approach, warning that this strategy could strain the burgeoning relationship between the GOP and the crypto industry.
The controversy highlights the complex forces at play as both parties vie for control of the Senate, with the crypto sector emerging as a critical player in the political landscape.
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