Crypto Bros Attacks on Katie Porter
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But then came crypto, in the form of political action committee Fairshake. The pro-crypto PAC has raised more than $200 million for 2024’s election cycles, per OpenSecrets, with tens of millions of dollars flooding in from crypto giants Coinbase and Ripple, as well as the Menlo Park venture firm Andreessen Horowitz. As the New Yorker put it, the Silicon Valley campaign donations are meant “to prove that its leaders are capable of political savagery in order to protect their interests.”
Porter had criticized cryptocurrency mining in Texas and was associated with Warren, a major crypto skeptic. For Fairshake, that was enough, according to the magazine, because her race offered other benefits: Her March primary was early in the year, and her loss wouldn’t affect the overall party balance in the Senate, given California’s leftward tilt. Fairshake, the New Yorker’s piece said, literally selected Porter from a list of high-profile options, hoping to make an example.
Fairshake’s thinking reportedly went: If Porter lost and other politicians saw how much money the industry had to spend on elections, they’d be more likely to support crypto. The stakes, for the big donors, are existential — regulatory acceptance would boost the value of their companies’ assets and the use of their services.
The PAC dumped about $10 million into the race, a third of the $30 million Porter used on her entire campaign, the New Yorker wrote. She hadn’t even heard of the group, but its attack ads called her “a fake,” a “liar” and a “bully.”
An unnamed political operative told the magazine: “Porter was a perfect choice because she let crypto declare, ‘If you are even slightly critical of us, we won’t just kill you—we’ll kill your f—king family, we’ll end your career.’ From a political perspective, it was a masterpiece.”
The scare campaign appears to have worked. The House of Representatives passed a pro-crypto bill, with bipartisan support, in May. Candidates with Fairshake’s support won their primaries in 85% of cases, the New Yorker wrote. Now, neither presidential candidate wants to run astray of the industry: Donald Trump spoke at a crypto conference, and Kamala Harris signaled her support. And Porter is forced out of Congress.
Fairshake spokesperson Josh Vlasto provided SFGATE with a statement, which said the PAC supports candidates who “embrace innovation” and “and are committed to working across the aisle to get things done.”
Will someone give me one good reason why crypto should exist?