As the 2024 election season heats up, key developments are shaping the political landscape with significant implications for the cryptocurrency community. Fairshake Super PAC's heavy investments in pivotal primary races across Missouri, Michigan, and Washington demonstrate the growing political stakes. Meanwhile, Democratic presidential nominee Kamala Harris and her running mate, Minnesota Governor Tim Walz, face scrutiny over their unclear positions on digital assets. Amidst this, industry leaders and crypto enthusiasts are rallying to influence policies that could determine the future of blockchain and digital currencies in the U.S.
Industry Leaders and Crypto Enthusiasts Rally Behind Kamala Harris, Urging Clear Policy on Digital Assets
A coalition of industry leaders, policy experts, and everyday crypto-enthusiasts has united to support Kamala Harris in her bid for the 2024 Democratic nomination, urging her to develop a straightforward policy platform on digital assets. The organization, known as 'Crypto Advocates for Harris,' announced their backing in an August 6 post on the social media platform X, formerly known as Twitter. They also revealed plans to hold a virtual town hall with U.S. lawmakers, policymakers, and industry leaders, including entrepreneur and Dallas Mavericks minority owner Mark Cuban.
'Crypto Advocates for Harris' aims to highlight the importance of digital assets in the modern economy and encourage Harris to adopt a nuanced stance on the issue. Their virtual town hall will feature discussions with key figures from various sectors, offering insights into the potential benefits and challenges of integrating digital assets into the broader economic framework.
Mark Cuban, a well-known Democratic donor and critic of the Republican Party under Donald Trump, is among the prominent figures supporting this initiative.
Cuban's involvement in the 2024 election season has been notable, particularly his criticism of the current administration's handling of crypto regulation. Initially, he expressed his intention to vote for Joe Biden before the President announced on July 21 that he would not seek reelection. Following Biden's withdrawal, Cuban suggested that Kamala Harris could be "far more open to business, [artificial intelligence], crypto, and government as a service" than Biden.
Cuban has been particularly vocal about the actions of U.S. Securities and Exchange Commission Chair Gary Gensler, whose stringent enforcement measures against crypto firms have drawn ire from many in the industry. Cuban even went as far as to suggest that these measures could cost Biden the election.
Harris's Stance on Crypto
As of now, Harris has not made any public statements regarding her stance on crypto or digital assets. However, her campaign reportedly reached out to Cuban in July with questions about crypto policy, indicating a potential interest in the subject.
On Aug. 6, Harris announced that her running mate would be Minnesota Governor Tim Walz. While this move has generated significant interest, Harris has yet to outline her platform on digital assets. The 'Crypto Advocates for Harris' group has called for her to adopt a policy that positions America as a leader in the digital assets space.
The virtual town hall organized by 'Crypto Advocates for Harris' is set to feature a diverse group of participants. Confirmed attendees include Coinbase’s Stand With Crypto community director Mason Lynaugh and Ava Protocol’s marketing head Sam Shev.
As the 2024 election season heats up, the intersection of politics and digital assets will likely become a focal point of debate and discussion. The support from 'Crypto Advocates for Harris' brings attention to the growing importance of crypto policy in shaping the future of the U.S. economy. Whether Harris will heed their call and develop a clear stance on digital assets remains to be seen, but the pressure from industry leaders and enthusiasts is mounting. The upcoming virtual town hall promises to be a pivotal moment in this evolving conversation, potentially setting the stage for significant policy developments in the realm of digital assets.
Fairshake PAC Awaits Results as Voters in Missouri, Michigan, and Washington Head to the Polls
In a highly anticipated primary election day, registered voters in Missouri, Michigan, and Washington are casting their ballots to determine which Democratic and Republican candidates will compete in the November elections for seats in the United States House of Representatives and Senate. The Fairshake Super Political Action Committee (PAC) and its affiliates have poured millions of dollars into these races, supporting and opposing various candidates from both major political parties.
According to data from the Federal Election Commission, Fairshake has made significant investments in these races. The PAC spent approximately $1.4 million on a media campaign to oppose incumbent Democrat Cori Bush in Missouri’s 1st Congressional District. Bush, who has been serving since 2021, is ranked as “strongly against crypto” by Coinbase’s Stand With Crypto initiative, having voted against multiple pieces of pro-crypto legislation during her time in Congress.
In Missouri’s 3rd Congressional District, the Defend American Jobs PAC, a Fairshake affiliate, allocated more than $250,000 to support Republican candidate and former state senator Bob Onder. Onder, initially running for Missouri’s lieutenant governor, shifted his focus to the congressional race following the retirement of Republican Blaine Luetkemeyer. Onder is considered supportive of digital assets, advocating for pro-crypto policies as a path to economic freedom.
Bob Onder, together with his son, authored an op-ed in the Missouri Times, emphasizing the importance of adopting pro-crypto policies for economic advancement. He also contrasted his views with those of Massachusetts Senator Elizabeth Warren, likening her approach to digital assets to that of China.
In stark contrast, Cori Bush has opposed several key pieces of crypto-related legislation, including the CBDC Anti-Surveillance State Act and the Financial Innovation and Technology for the 21st Century Act (FIT21). Bush’s stance on digital assets has positioned her as a significant target for Fairshake’s opposition efforts.
Campaign Efforts in Washington and Michigan
Fairshake’s involvement extends beyond Missouri. In Washington, the Protect Progress crypto Super PAC has spent roughly $1.5 million to support Democrat Emily Randall in the state’s 6th Congressional District. Randall’s campaign has highlighted her belief in the importance of technological innovation and economic growth, particularly through blockchain technology and the digital asset industry.
In Michigan’s 13th Congressional District, Protect Progress also invested $1 million in media support for Democratic incumbent Shri Thanedar. Thanedar has been rated as “strongly supportive” of digital assets by Stand With Crypto, having voted in favor of the FIT21 bill and a resolution to overturn an SEC rule requiring banks to record digital assets as a liability on their balance sheets.
As voters head to the polls, the outcomes in Missouri, Washington, and Michigan remain uncertain. The results are eagerly awaited, particularly by Fairshake and its affiliates, which have invested heavily in these races. This follows recent setbacks in Arizona, where two candidates supported by Fairshake — Republican Blake Masters and Democrat Andrei Cherny — lost their respective primaries. The Super PAC had also invested approximately $1.3 million in a media campaign to support Democrat Yassamin Ansari, whose primary race will go to a recount due to a close contest.
With many U.S. states yet to hold their primaries before the Nov. 5 election, Fairshake’s focus appears to be on the upcoming races. The Commonwealth Unity Fund Super PAC, which has received donations from Ripple and other industry players, is aiming to unseat Massachusetts Senator Elizabeth Warren with Republican John Deaton. Deaton, supported by many in the crypto industry, including Gemini co-founders Cameron and Tyler Winklevoss, faces opposition from Wyoming Senator Cynthia Lummis, a known crypto advocate who has endorsed his Republican opponent, Ian Cain.
Harris-Walz Ticket Still Faces Some Scrutiny from Crypto Community as Election Nears
Neither Harris nor Walz has articulated a clear policy position on digital assets and blockchain, leaving industry leaders and crypto enthusiasts eager to weigh in on the potential implications of their candidacy.
The Democratic ticket will face off against Republican nominee Donald Trump and his vice-presidential choice, Ohio Senator JD Vance. This election cycle is marked by stark ideological differences between the campaigns, leading to widespread reactions on social media.
“Tim Walz hasn’t yet nailed his colours to the mast in terms of Bitcoin and crypto in general,” said Darren Parkin, editorial director of The Digital Commonwealth, in an Aug. 6 X post. “However, he’s a stickler for regulation. Make of that what you will.”
Walz has been the governor of Minnesota since 2019, following a 12-year tenure in the United States House of Representatives. Throughout his political career, Walz has not made significant statements either advocating for or opposing cryptocurrencies or blockchain technology.
As governor, Walz has focused on progressive issues such as climate change, supporting legislation aimed at transitioning Minnesota to 100% clean electricity by 2040. He has received backing from progressive politicians, including Vermont Senator Bernie Sanders, who endorsed Walz ahead of Harris’ announcement.
Despite his progressive credentials, digital assets have not been a central issue for Walz. Coinbase’s Stand With Crypto initiative currently gives him a “pending” rating, the same as Vice President Harris, who has also remained largely silent on the subject.
The Importance of Crypto Awareness
The ambiguity surrounding Walz and Harris’s stance on digital assets has raised concerns among some policymakers and industry stakeholders. North Carolina Representative Wiley Nickel emphasized the need for a bipartisan approach to crypto regulation.
“I think it’s important that whoever she picks for vice president understands the issues and hopefully can be a good help in keeping this in the bipartisan category,” Nickel said in a recent interview. “If we politicize Bitcoin and crypto and this industry, it’s going to set everything back a decade in Congress. That doesn’t help anyone.”
In contrast to the Harris-Walz ticket, the Trump campaign has increasingly focused on digital assets as a key issue since late 2022. During his presidency in 2019, Trump criticized Bitcoin as “not money” and “based on thin air,” and he has continued to express skepticism towards cryptocurrencies. However, his campaign has shown a more open stance recently, accepting crypto contributions and engaging with representatives from Bitcoin mining firms.
Trump’s engagement with the crypto community culminated in discussions at the Bitcoin 2024 conference in July, where he explored potential policy positions related to digital assets.
The 2024 election season has been particularly eventful. In the last 30 days alone, there was an assassination attempt on Trump, President Joe Biden announced he would not seek reelection, and Vice President Harris rallied support to secure the Democratic nomination within 100 days of the election.
The Harris campaign has also seen an influx of White House staff with crypto industry experience, including economics adviser Gene Sperling and former Obama campaign manager David Plouffe, both of whom have worked with Ripple and Binance.
