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Tuesday, February 13, 2024
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Politics|Crypto PAC Jumps Into Senate Race, Opposing Katie Porter in California

https://www.nytimes.com/2024/02/13/us/politics/crypto-pac-katie-porter-senate.html
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See more updates: Election 2024
Feb. 13, 2024, 2:59 p.m. ET15m ago
15m ago

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CRYPTO PAC JUMPS INTO SENATE RACE, OPPOSING KATIE PORTER IN CALIFORNIA

A group called Fairshake recently revealed that it and two affiliated super PACs
had amassed roughly $80 million combined in 2023. Now it’s planning to deploy
some of that cash.

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The crypto PAC Fairshake is planning a blitz of negative advertising against
Representative Katie Porter and had begun booking time in markets statewide on
Monday.Credit...Haiyun Jiang for The New York Times


By Shane Goldmacher

 * Feb. 13, 2024Updated 2:59 p.m. ET



The biggest name and the biggest spender of crypto money in the 2022 election
cycle is now awaiting his prison sentence for fraud and conspiracy. But new
super PACs have sprouted up as the successors to the collapsed Sam Bankman-Fried
empire, and they are making their first big bet of the 2024 election cycle:
trying to crush Representative Katie Porter, a Democrat running in next month’s
California Senate primary.

The biggest new crypto-focused super PAC, Fairshake, began reserving television
and digital advertising across California in a multimillion-dollar buy late on
Monday, and it could be a major player in the race’s final three weeks.

Fairshake revealed two weeks ago in federal filings that it and two affiliated
super PACs had amassed a combined roughly $80 million in 2023, with most of the
money coming from three major cryptocurrency players: Coinbase, Ripple Labs and
Andreessen Horowitz.

The California Senate race pits Ms. Porter against Representative Adam Schiff, a
Democrat, and Representative Barbara Lee, another Democrat, as well as Steve
Garvey, a Republican and a former baseball player. The top two finishers in the
March primary will advance to November, even if both are Democrats.



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In a statement, Fairshake accused Ms. Porter of taking campaign cash from other
industries and misleading the state about her record, saying, “Katie Porter says
one thing and does another.”


POLITICS ACROSS THE UNITED STATES

 * Maryland: Larry Hogan, a Republican and a popular former governor, announced
   that he would run for the state’s open Senate seat, a surprising move that
   immediately made Maryland a top battleground for control of the chamber.
 * Montana: Former President Donald Trump endorsed Tim Sheehy for the state’s
   Republican Senate nomination, putting his powerful imprimatur on the primary
   race.
 * R.N.C. Chair: The disclosure that Ronna McDaniel is planning to step down as
   the leader of the Republican National Committee has set off a new round of
   jockeying between two of the same men who battled for the co-chairman post in
   2023.
 * Ranked-Choice Voting: Most conservatives have opposed the voting method,
   which could be on the November ballot in four states. But some say that
   attitudes toward it on the right could be changing.

The group is planning a blitz of anti-Porter advertising and had begun booking
time in markets statewide on Monday. The ad released on Tuesday begins, “Katie
Porter plays us for fools,” and accuses her of accepting some donations from
industry executives.

Subscribe to The Times to read as many articles as you like.



Shane Goldmacher is a national political correspondent, covering the 2024
campaign and the major developments, trends and forces shaping American
politics. He can be reached at shane.goldmacher@nytimes.com. More about Shane
Goldmacher

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