Fairshake, the crypto super PAC, emerged as the unexpected victor from this week’s U.S. election. Funded by major players in the crypto industry including Coinbase, Ripple, and Andreessen Horowitz, Fairshake backed both Democrat and Republican candidates in a variety of regions, from rural counties to densely populated cities. The result? An unprecedented success rate, with almost every single candidate they supported achieving victory.
To grasp the magnitude of Fairshake’s triumph: the PAC backed 68 candidates, the majority of whom won their respective elections. Notably, Fairshake donated $1 million or more to 22 congressional candidates – 11 Democrats and 11 Republicans. Most of these candidates were involved in hotly contested races with narrow margins. With only two exceptions, every Fairshake-backed candidate has either already won their race or stands on the cusp of victory.
This level of success has left industry insiders astounded. “I am absolutely stunned,” one D.C. insider told Decrypt, “I don’t know of a political super PAC that has a 98% success rate.” This impressive outcome wasn’t always a certainty. Crypto companies invested a staggering $300 million into Fairshake with the hope of altering the industry’s precarious regulatory position.
The gamble seems to have paid off, with implications that may echo far beyond the realm of crypto. “The super PAC thesis has never been validated to this degree,” the D.C. insider said. Other industries are now likely to take note of the impressive return on investment that crypto has achieved with its lobbying efforts.
Policy experts are now in agreement that opposing the crypto industry is politically risky for lawmakers in either major party. “There have been consequences to being anti-crypto that I think were far more significant than anybody imagined,” said Sheila Warren, CEO of the Crypto Council for Innovation.
Despite this trend, Sen. Elizabeth Warren (D-MA), a noted critic of crypto, was re-elected on Tuesday night. Interestingly, with Fairshake’s unseating of Sen. Sherrod Brown (D-OH), Sen. Warren might become the top-ranking Democrat on the influential Senate Banking Committee. While Republicans have won the Senate, the White House, and potentially the House, crypto legislation will still need bipartisan support given the closely divided Congress.
This election has signified a milestone for the crypto industry – it has transitioned from an experimental sector into a powerful influence on Capitol Hill. “We’ve made it, and now we can compare ourselves to the other mature industries out there,” Digital Chamber President Cody Carbone told Decrypt. “We will not be taken lightly anymore.” This election has not only reshaped political landscape but also solidified the position of the crypto industry in the echelons of power.
