Cryptocurrency lobbying group Fairshake has paid nearly $29 million in September, ahead of the upcoming US presidential election next month.
According to filings with the Federal Election Commission, the super political action committee (PAC) Fairshake has allocated $142.3 million in funding this year as of the end of September, with $42.8 million in cash on hand.
In September, a political organization called “Defend American Jobs” received $1 million in funding. The organization is a super PAC that supports Republican candidates who support cryptocurrencies. It is worth noting that according to political research organization OpenSecrets, Defend American Jobs has already spent over $40 million to support Republican businessman Bernie Moreno, who is running against Ohio Senator Sherrod Brown, a vocal critic of the digital asset industry. Brown has received an “F” rating from cryptocurrency advocacy group Stand With Crypto, indicating that the incumbent senator is “strongly opposed to cryptocurrencies”. Brown voted against the House Resolution 109, which would overturn the Securities and Exchange Commission’s Staff Accounting Bulletin 121.
SAB 121 is a guidance bulletin that states that certain companies should classify digital assets as liabilities on their balance sheets, even if they only hold the digital assets for customers.
The House Resolution was passed in both the House and the Senate earlier this year but was vetoed by President Joe Biden in May.
In September, Fairshake also contributed to “Progressives Protect”, a political action committee that supports pro-cryptocurrency Democrats.
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