Crypto PACs’ House targets raise eyebrows

The cryptocurrency industry’s leading super PACs, known as Fairshake, has sparked controversy by planning to endorse 19 House Republicans while backing only 13 House Democrats heading into the November elections. Fairshake has set aside $1 million for three members from each party, causing concerns among Democrats who feel overlooked.

The omission of Democratic Representative Don Davis from North Carolina, a swing seat, has been deemed particularly alarming by a cryptocurrency executive. In the previous election cycle, there was at least an argument that Democrats played a role in this situation, but this time, it seems to be driven by the two years of support for former President Donald Trump.

Democratic lawmakers have criticized Fairshake’s decision and expressed unease over the group’s lack of support for Democratic proponents of cryptocurrency legislation, such as Rep. Kristen McDonald Rivet. The majority of the lawmakers on Fairshake’s list are from safe districts, facing minimal opposition in their general elections.

Three Democrats received the full $1 million donation, all representing districts that were competitive in past elections but are expected to retain their seats this year. While Fairshake claims to be an issue-focused organization, it spent more on Democratic primaries than Republican ones this cycle. However, the latest announcement has raised suspicions that the organization might bolster the GOP’s chances in Senate races by not funding Democratic opponents.

Another cryptocurrency executive dismissed Fairshake’s claims of bipartisanship, stating that the organization's actions have become increasingly suspect.