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PoliticsQuiet 2d · day 4

Crypto PAC unleashes $30M against Sherrod Brown after Democrats block CLARITY Act

Fairshake announces heavy spending targeting Ohio Democrat as Senate rejects industry-backed cryptocurrency regulation bill.

newest coverage 2d agosummary written 10h ago2 pieces Newswires

What to know

  • Fairshake announced $30 million in spending against Sherrod Brown in Ohio and signaled up to $100 million total spending, marking a potential shift from crypto's historically bipartisan spending toward Republicans.
  • All Senate Democrats voted against the CLARITY Act, citing concerns that it would allow President Trump and his family to profit from crypto interests, despite prior bipartisan support.
  • Vulnerable Democrats like Slotkin, who won narrowly with $10 million in crypto support, are walking a careful line to preserve industry relationships while defending their votes against the bill.
  • Republicans who negotiated CLARITY are pushing crypto groups to target Democrats who blocked the bill, while some Democrats blame GOP leadership for the failure to advance it.

The dispute Whether Democrats' block of CLARITY was a justifiable consumer protection measure or a political betrayal that crypto groups should punish financially.

many voices

Democrats' block of CLARITY was justified to prevent presidential exploitation of crypto profits, not a betrayal of the industry.

  • “I just can't sign onto a bill that gives permission, literally a handwritten permission slip, to the president of the United States to milk the American people and make money off of them.”

    Sen. Elissa Slotkin · The Washington Sun ↗
many voices

Crypto groups should punish Democrats who blocked CLARITY by spending heavily against them, while supporting Republicans.

  • “I want them to spend it only on people who voted to proceed on CLARITY. It would be a huge mistake for the industry to help Democrats.”

    Sen. Cynthia Lummis · The Washington Sun ↗

“Republican leadership shut it down at the very last minute after it became clear that we were on a path to a successful vote.”

Sen. Angela Alsobrooks, Maryland Democrat · The Washington Sun ↗

Fairshake Crypto industry Super PACSen. Cynthia Lummis Republican CLARITY Act negotiatorSen. Elissa SlotkinSen. Elissa Slotkin Michigan Democrat, crypto-friendlySen. Elizabeth WarrenSen. Elizabeth Warren Top Democrat on Senate Banking CommitteeSen. Angela AlsobrooksSen. Angela Alsobrooks Maryland Democrat, CLARITY supporter

How it unfolded 2 developments, newest first · click a bar or a number to jump articles

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Sep 23Sep 24yesterdaynow · 5:33 PM ET
  1. 2

    Slotkin and other vulnerable Democrats seek to preserve crypto relationships

    Sen. Elissa Slotkin, who narrowly won her 2024 race with $10 million in crypto support, said she continues talking with industry groups while defending her vote against CLARITY as necessary to prevent presidential exploitation of crypto profits.

    “I think it's important that we have regulation over crypto. I just can't sign onto a bill that gives permission, literally a handwritten permission slip, to the president of the United States to milk the American people and make money off of them.”
    — Sen. Elissa Slotkin
    1. 1 outlet Democrats Brace for a Crypto PAC Cash Avalanche

      first by The Washington Sun, 2d ago

  2. background

    Republicans push crypto groups to target blocking Democrats — Sen. Cynthia Lummis called the Democratic caucus' opposition to CLARITY 'shameful' and urged crypto groups to spend only against those who voted against the bill, while Sen. Angela Alsobrooks blamed Republican leadership for shutting down negotiations.

  3. 1 day quiet
  4. 1

    Fairshake announces $30 million spending against Sherrod Brown

    The crypto industry's major Super PAC network announced its first installment of spending, targeting the Ohio Senate race and signaling up to $100 million in total spending in coming weeks, a shift from past bipartisan distribution.

    1. 1 outlet Crypto group spends big in Ohio race after Democrats block pro-industry bill

      first by Washington Times, 4d ago

  5. background

    Senate Democrats block CLARITY Act on cryptocurrency regulation — Every Senate Democrat voted against advancing the cryptocurrency industry's preferred CLARITY Act, citing concerns that it would allow President Trump and his family to profit from crypto interests.

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