“After securing numerous victories in House and Senate races nationwide, and with a war chest of $122 million prepared for the upcoming fall season, we are maintaining our momentum as we approach November,” stated Geoff Vetter, a representative for Fairshake, in a recent announcement.
The primary elections are still in progress, with several key races left to decide in states like New Hampshire, Rhode Island, Delaware, and Louisiana. However, the majority of party nominations are already finalized ahead of the general election on November 3.
While other super PACs associated with cryptocurrency made some headlines earlier this election cycle, Fairshake’s expenditures have significantly outperformed them.
For example, the Fellowship PAC, supported by Cantor Fitzgerald and Anchorage Digital, initially projected spending of $100 million. Yet, it managed to raise only around $11 million, mainly sourced from Cantor. Despite its ties to Tether, the PAC is structured to comply with U.S. regulations which prohibit foreign funding. Instead, it draws its resources from the financial institution managing Tether’s U.S. reserves, with oversight from a Tether executive.
The Fellowship PAC has backed a range of candidates, predominantly Republicans alongside three Democrats, including Virginia’s Senator Mark Warner. Almost all of its funds were channeled to a nascent political consulting firm co-founded by Bo Hines, a former crypto advisor to President Donald Trump, who is now at the helm of Tether’s U.S. operations.