Cryptocurrency-Backed Super PAC Exposes California Senate Candidate Katie Porter
Date: 2024-02-14 Author: Dima Zakharov Categories: IN WORLD
Cryptocurrency-Backed PAC Targets Katie Porter
Fairshake, a political action committee (PAC) fueled by cryptocurrency companies such as Ripple and Coinbase, has initiated a hefty advertising campaign against U.S. Senate candidate Katie Porter in California.
The Ad Campaign
According to AdImpact Politics on February 13, Fairshake has allocated $2.9 million for ads aimed at Porter, who is running for one of California's Senate seats in 2024. The ads claim that Porter, a House representative, has received campaign donations from "major pharmaceutical companies, large oil companies, and big bank executives."
Porter's Political Journey
Porter, currently a U.S. House representative from California's 47th district, is vying for the Senate seat previously held by the late Dianne Feinstein, with Governor Gavin Newsom appointing LaFonza Butler to fill Feinstein's seat until January 2025.
The Allegations
It remains unclear why Fairshake has targeted Porter. According to Open Secrets, a government transparency group, Fairshake has raised over $85 million and spent approximately $19 million as of December 31.
Porter's Response
In a statement on February 13, Porter criticized the ads, stating, "Californians can't be fooled: shadowy crypto-billionaires don't want consumers' voices in the Senate." She defended her record, highlighting her efforts against corporate greed and corruption.
Upcoming Elections
The California Senate elections are scheduled for November 5, with special primaries on March 5. Porter will compete against other Democratic candidates, including Adam Schiff. As of December 31, Porter and Schiff have raised approximately $25 million and $27 million, respectively.
Implications for 2024
With approximately nine months until the 2024 U.S. elections, Coinbase speculates that cryptocurrency-oriented voters in California, numbering around 8.2 million, could play a significant role in shaping the outcome, given their growing influence.
