The Fairshake political action committee (PAC), supported by cryptocurrency companies like Ripple and Coinbase, has launched advertisements against Katie Porter, a candidate for the U.S. Senate from California.
On February 13, AdImpact Politics shared that Fairshake spent $2.9 million on this campaign. The ads accuse Representative Porter of accepting campaign funds from “big pharma, big oil, and big bank executives.”
Porter, who currently represents California’s 47th Congressional District in the U.S. House, is running for the Senate seat held by Dianne Feinstein until her passing in September 2023. Governor Gavin Newsom temporarily appointed Laphonza Butler to fill Feinstein’s position until January 2025.
In the past, Porter has shown interest in the environmental impact of crypto mining. She was among the congress members who sought information about crypto miners’ energy consumption from various organizations in October 2022 and February 2023.
The reasons behind Fairshake’s decision to target Porter need to be clarified. As per Open Secrets, a transparency organization, Fairshake had collected over $85 million and spent about $19 million by the end of December. Fairshake did not respond to requests for comments on this matter.
Porter responded to the campaign in a February 13 post on X, stating:
“Californians aren’t fooled: Shadowy crypto billionaires don’t want a strong consumer advocate in the Senate. They’re scared of those who expose corporate greed, so they’re using millions for misleading ads against me.”
The race for the California Senate seat will be held on November 5, 2024, with a primary election on March 5. Porter is up against other Democrats, including Adam Schiff, with campaign funds of approximately $25 million and $27 million, respectively, as of the end of December, according to Ballotopedia.
With the 2024 U.S. elections approaching, all seats in the House, 33 in the Senate, and the Presidency will be contested. Coinbase has suggested that crypto-focused voters in California could significantly influence the outcome, noting that around 8.2 million residents own digital assets.
Requests for comments from Porter’s campaign have yet to receive a response.
