Latest news with #Fairshake
Business Times
23-07-2025
- Business
- Business Times
Crypto industry boosted lobbying to pass coveted stablecoin bill
[WASHINGTON] Crypto companies and advocates of digital assets boosted their lobbying this year to ensure passage of landmark legislation, delivering the nascent industry its first major policy victory in Washington. The firms reported spending US$6.9 million in the second quarter, congressional disclosures show, a 21 per cent increase over their outlays in the previous three months. The expanded spending came as Congress advanced industry-backed bills, including stablecoin legislation that US President Donald Trump signed into law last Friday (Jul 18). During the run-up to the bill's passage by the House of Representatives, during what Trump dubbed 'crypto week', Bitcoin roared to record highs, breaching US$120,000 for the first time. The law, known as the Genius Act, sets regulatory rules for US dollar-backed stablecoins, a move advocates say will broaden the adoption of digital assets in everyday finance. And more bills supported by the industry are moving through Congress. The House has passed broader legislation that creates a market structure for trading digital assets and a bill that bars the US Federal Reserve System from issuing its own cryptocurrency. Both measures await Senate approval. The total spent by the crypto firms and allies is still relatively small by Washington standards as lobbyists focused their attention largely on industry-specific concerns. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Coinbase Global, one of the biggest lobbying spenders with expenditures at US$970,000, listed just seven issues it focused its lobbying on. Six of those concerned digital assets, including the stablecoin and market structure bills. It also lobbied on matters affecting the Securities and Exchange Commission's budget and appropriations request. By contrast, pharmaceutical giant Pfizer spent US$3.5 million in the second quarter, lobbying on dozens of issues including the federal budget, vaccine coverage, intellectual property protection, taxes, tariffs, other trade barriers, international supply chains, and regulation of pharmacy benefit managers, according to its disclosure. That laser-sharp focus was demonstrated in the 2024 election, in which industry executives and advocates for digital assets tapped their war chests to back friendly candidates, most prominently Trump. Fairshake, the industry's super political action committee, and two affiliated super-PACs combined to raise US$230 million. They stayed out of the presidential contest, and instead backed or opposed congressional candidates based on their positions on cryptocurrency. It marked an unprecedented sum for an organisation with a single business interest. The National Association of Realtors Congressional Fund was the next biggest super-PAC, raising US$20 million. Fairshake announced days before the House vote on the stablecoin bill that it raised US$109 million since the 2024 election, including US$25 million donated by Coinbase. Part of the increased spending on lobbyists was driven by new hiring in 2025, with 44 additional lobbying registrations filed with Congress, more than the number who signed up in all of 2024. Tether Operations, whose eponymous stablecoin is among the most widely traded, has added four new firms this year, collectively paying them US$290,000. A one-time sceptic who has embraced the industry, Trump courted crypto enthusiasts during his 2024 campaign. He made US$57.7 million from token sales via a digital assets firm he and his sons helped launch in 2024, according to his most recent financial disclosure. BLOOMBERG
Axios
17-07-2025
- Business
- Axios
House passes sweeping crypto market structure bill
The House on Thursday passed legislation to establish the first comprehensive set of rules for the cryptocurrency industry. Why it matters: It's an initial legislative win for cryptocurrency backers and a major step toward offering long-awaited guidance to an industry often compared to the Wild West. The Digital Asset Market CLARITY Act spells out the lanes of responsibility for regulatory oversight of digital assets. It also establishes a new category of registered digital assets, flashing a green light for traditional finance. The vote tally was 294-134, with 78 Democrats joining Republicans in voting "yes." Yes, but: The bill faces a tougher road in the Senate, where lawmakers are in the early stages of drafting their own version and are likely to seek significant changes. While the measure picked up some Democratic support in the House, some Senate Democrats want the bill to specifically address President Trump and his family's investments in crypto. David Sacks, the White House's crypto czar, is urging the Senate to pass the CLARITY Act by the end of September. What we're watching: The political organizations pushing the crypto agenda have made clear their support for the measure — and the political muscle they're poised to put behind it. On Monday, the Cedar Innovation Foundation put out a statement saying that CLARITY is Congress's most important vote this year. On Tuesday, pro-crypto PAC Fairshake and its related PACs announced that they already have $141 million in cash-on-hand for 2026. "We are building an aggressive, targeted strategy for next year to ensure that pro-crypto voices are heard in key races across the country," Josh Vlasto, Fairshake's spokesperson, said in a statement. Catch up fast: Last year, the House sent similar legislation, known as Fit21, to the Senate, where it died. Zoom out: The legislation was part of House Republicans' "Crypto Week," which included consideration of two other major digital asset bills.
CNBC
15-07-2025
- Business
- CNBC
Crypto super PAC Fairshake reports $141 million war chest
Fairshake, the cryptocurrency industry's most powerful political action committee, announced Tuesday that it now holds more than $141 million in cash on hand, underscoring the sector's growing influence as Congress takes up landmark legislation this week. The total, which includes liquid assets like crypto, stock, and cash, reflects a surge of donations from digital asset executives and firms, including a fresh $25 million from Coinbase. Fairshake and its two affiliated PACs — Defend American Jobs and Protect Progress — have raised $109 million since Election Day in 2024 and $52 million during just the first half of this year. "We are building an aggressive, targeted strategy for next year to ensure that pro-crypto voices are heard in key races across the country," said spokesperson Josh Vlasto. The announcement lands in the middle of what lawmakers are calling "Crypto Week" on Capitol Hill, as the House begins deliberations on a trio of long-awaited bills that would define how digital assets are regulated. The legislation includes the dividing of oversight, setting new stablecoin rules, and a bill banning the creation of a central bank digital currency. The crypto industry is no longer just lobbying for survival, it is shaping the political landscape. Fairshake saw nearly every candidate it backed in 2024 win their race. "We stuck to our core strategy from Day 1," Fairshake previously told CNBC. "We supported pro-crypto candidates and opposed those who played politics with jobs and innovation, and won."
Yahoo
01-07-2025
- Business
- Yahoo
Industry's PAC Keeps Seeking to Add Allies as Congress Hashes Out Crypto Legislation
The crypto industry's political-finance arm, the towering campaign-funding entity known as Fairshake, dropped another $1 million into the coffers of a special-election candidate hoping to replace a Virginia Democrat who died in office, Representative Gerald Connolly. The candidate favored by the industry's chief political action committee, James Walkinshaw, won the Democrats' so-called firehouse primary over the weekend, in which the party conducted its own polling to determine its chosen candidate among a field of nine. The general election to formally select the Fairfax County region's next member of Congress is set for Sept. 9, though the Democrat incumbent took about two thirds of the vote in the regular election last year, giving Walkinshaw a heavy advantage. "We look forward to James joining the growing, bipartisan coalition in Congress that understands the importance of securing America's leadership in the next generation of technology," said Josh Vlasto, a Fairshake spokesman, in a statement. He argued that the race again demonstrated that the electorate isn't moved by critics who attempt to tarnish candidates who show support for the sector and are backed by its campaign resources, as at least one of Walkinshaw's opponents sought to do. Fairshake (and its affiliate super PACs, Defend American Jobs and Protect Progress) rose into prominence in the 2024 congressional elections as it amassed a huge war chest from major digital assets businesses, including Coinbase, Ripple and a16z. It devoted its campaign spending in outsized chunks that in some cases dwarfed what was spent by the opponents of the group's chosen candidates. As a result, Fairshake added a long list of winners to the ranks of Congress' crypto supporters in those elections, but it has continued its strategy in special elections as one-off contests seek to fill vacated seats such as Connolly's. In the case of Walkinshaw, Connolly's former chief of staff, the spending came from Protect Progress, which focuses on Democrat candidates. While his former boss had voted routinely against crypto issues, Walkinshaw's campaign site says the candidate favors an "embrace of the next generation of technology," including blockchain, which the campaign said "can reduce administrative costs for businesses and lower fees for consumers." "Congress should establish modern, risk-based regulatory frameworks that support responsible innovation and prevent abuse," according to Walkinshaw's website. The super PAC still has about $116 million on hand as the 2026 congressional election cycle approaches next year, Vlasto said. Current members of Congress it supported in the past round are already at work on major crypto bills that have been advancing this year. Fairshake makes massive "independent expenditures" in political races, meaning their outside money buys advertising without approval or communication from the candidate. Though it represents crypto interests, the advertising purchased by the group almost never mentions the topic of digital assets, instead focusing on whatever political points are most likely to garner a win.
The Hill
09-06-2025
- Business
- The Hill
Democrats are drawing closer to the crypto industry despite Trump divisions
WASHINGTON (AP) — As President Donald Trump builds a crypto empire — including hosting a private dinner with top investors at his golf club — Democrats have united in condemning what they call blatant corruption from the White House. But the Democratic Party's own relationship with the emerging crypto industry is far less cut and dried. Work in the Republican-led Senate to legitimize cryptocurrency by adding guardrails has drawn backing from some Democrats, underscoring growing support for the industry in the party. But divisions have opened over the bill, with many demanding it prevent the Republican president and his family from directly profiting from cryptocurrency. 'I'm all on board with the idea of regulating crypto,' said Sen. Chris Murphy, D-Conn. 'But at this moment, when cryptocurrency is being so clearly used by Donald Trump to facilitate his corruption, I don't think you can close your eyes to that when you're legislating.' The legislation is moving ahead more rapidly than Congress usually acts when an industry is new. But the big money and campaign donations flowing from cryptocurrency firms have made them a new powerhouse on the political scene, one that's increasingly gaining allies and capturing the attention of lawmakers. A look at what to know about the industry's clout and the political fight over what's known as the GENIUS Act: To understand the growing clout of the crypto industry, look no further than the 2024 election. Fairshake, a crypto super political action committee, and its affiliated PACs spent more than $130 million in congressional races. Fairshake spent roughly $40 million supporting Republican Bernie Moreno in Ohio in an effort to defeat Democratic Sen. Sherrod Brown. Brown, who lost to Moreno by more than 3 percentage points, was seen as a chief critic of the industry as the chairman of the Senate Banking Committee. 'DC received a clear message that being anti-crypto is a good way to end your career, as it doesn't represent the will of the voters,' Brian Armstrong, the CEO of Coinbase, wrote in a social media post the day after the 2024 election. Coinbase — the largest crypto exchange in the U.S. and biggest contributor to Fairshake — does not view support for its industry as partisan, according to Kara Calvert, the company's vice president of U.S. policy. The industry also spent heavily to support Democrats Ruben Gallego and Elissa Slotkin in their races for open Senate seats in battleground states. Fairshake spent $10 million in support of Slotkin during her successful Senate run against Republican Mike Rodgers, and Slotkin, who won the Michigan race by fewer than 20,000 votes, spoke in favor of crypto on the campaign trail. Slotkin declined to be interviewed. Similar dynamics are setting up ahead of 2026 in contested House and Senate races. Fairshake said in January that it already had $116 million in cash on hand aimed at the 2026 midterm elections. 'We're not slowing down, and everything remains on the table,' Josh Vlasto, a spokesperson for Fairshake, told The Associated Press. Hours before a May 19 vote to move forward on cryptocurrency legislation in the Senate, an advocacy group tied to Coinbase sent an email to the offices of U.S. senators warning that the vote would count toward their crypto-friendliness scores. 'What the spending does is put crypto on the map. It lets members know that this is not a phase, this is real industry, with real dollars, that is developing its hold in Washington,' said Calvert. A significant number of Democrats, 16, joined Republicans in advancing the crypto legislation. The GENIUS Act would create a new regulatory structure for stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar. It is viewed as a step toward consumer protections and greater legitimacy for the industry. The sticking point for many Democrats is that while the bill prohibits members of Congress and their families from profiting off stablecoins, it excludes the president from those restrictions. Trump, once a skeptic of the industry, has vowed in his second term to make the U.S. the global capital of crypto. Meanwhile, he and his family have moved aggressively into nearly every corner of the industry: mining operations, billion-dollar bitcoin purchases, a newly minted stablecoin and a Trump-branded meme coin. Days after Trump's interests in the industry became public in early May, Senate Minority Leader Chuck Schumer of New York urged the Democratic caucus to unite and vote against the package to have a stronger hand in negotiations, according to a person familiar with the matter who insisted on anonymity to discuss private discussions. On May 8, a bloc of Senate Democrats who had previously backed the GENIUS Act reversed course — ultimately voting to block the bill from advancing. Negotiations between Senate Democrats and Republicans followed. The White House was also involved, and in contact with senators' offices on both sides of the aisle, according to a senior official granted anonymity to discuss private conversations. The new version of the bill is now expected to pass the 100-member Senate this month. Amendments are still possible. Sen. Jeff Merkley, D-Ore. has filed an amendment — cosponsored by Schumer — that would bar the president and his family from profiting off stablecoins, though it's unlikely to pass. 'There is room for improvements as there often is with a lot of legislation. But with this in particular, we've got issues with the president,' said Democratic Sen. Mark Kelly of Arizona 'Having said that, this was negotiated with Democrats and Republicans. We got to a place. We voted on it. I expect this is the version we're going to pass.' Still, the legislation is stirring unease. Schumer, asked if he's urging members to vote against the bill, noted that he has opposed the legislation and said 'there's division in our caucus on that issue.' 'There's a gaping hole in this bill that everybody sees,' Murphy said. 'After it's passed, it will be illegal for me to issue a cryptocurrency, but it's legal for the president of the United States.' 'If this bill passes, we kind of go from a dirt road to a paved road,' he said. If the Senate approves the stablecoin legislation, the bill will still need to clear the House before reaching the president's desk. Crypto advocates say the next priority is pushing Congress for market structure legislation, a far more sweeping effort than simply regulating stablecoins. 'Stablecoin is one step of the path. Then you need market structure. We're hopeful that the Senate works together to pass something quickly,' Calvert said. Some Democrats view the legislation as a chance to impose basic guardrails on a rapidly growing industry that's particularly popular among men and younger voters, two groups that drifted from the party in 2024. ___ Associated Press writers Alan Suderman, Lisa Mascaro, Matt Brown and Mary Clare Jalonick contributed to this report.
