Crypto weighs targeting Democrats despite political risks

Fairshake announced plans to spend at least $30 million to help block Democrat Sherrod Brown from recapturing an Ohio Senate seat. Some crypto executives have publicly signaled support for punishing Democrats. A broad offensive against Democrats could alienate lawmakers the industry may need to revive its agenda. Democrats are signaling that a Senate GOP-aligned spending campaign would reduce support for post-election negotiations over the Clarity bill. A Senate Democratic aide involved in the crypto effort said a full-scale attack on Democratic Senate candidates would eliminate any hope of a post-election deal. The Clarity bill remains unlikely to return regardless. Fairshake had more than $120 million available at the end of August. Coinbase, Ripple, and Andreessen Horowitz primarily fund the group. Fairshake has previously supported members of both parties who back industry-friendly policies. Fairshake plans to announce additional spending decisions supporting Democrats and Republicans in the coming days. The group has not specified which races or chamber it will target next. Sheila Warren, the former CEO of the Crypto Council for Innovation, said industries must deal with the continued presence of Democrats. Kara Calvert, Coinbase's vice president of U.S. policy, said bipartisanship has been crypto's "superpower."