Super PACs Flooding Crypto Money to Challenge Elizabeth Warren

Massachusetts Senator Elizabeth Warren recently expressed concerns about potential attacks on her and Representative Katie Porter’s 2024 campaigns being funded by “corporate money” linked to cryptocurrency supporters. During an interview with Jon Favreau, former speechwriter for President Barack Obama, Warren discussed the possibility of John Deaton, a “Republican crypto enthusiast,” challenging her for her Senate seat in 2024. Warren, known for her skepticism towards digital assets, suggested that “corporatists” might be willing to spend significant amounts of money to support challengers against her and Porter.

Favreau mentioned Fairshake, a Super PAC supported by crypto companies like Ripple and Coinbase, which released an advertisement accusing Representative Porter of accepting campaign contributions from “big pharma, big oil, and the big bank executives”, a claim deemed “mostly false” by Andrew Sheeler of the Sacramento Bee. Porter responded to this ad, claiming that corporate interests were distorting her record and stating that neither her nor Warren’s campaigns accepted “corporate PAC money”. Both campaigns relied on small donations for funding.

Warren defended her push to pass the Digital Asset Anti-Money Laundering Act (DAAML), dismissing the notion that regulating cryptocurrencies was too complex. She argued that the gaps in the current system allowed illicit activities like drug and human trafficking, terrorism, and dealings with rogue nations. Warren also suggested that certain individuals in the crypto community had significant financial resources, which they employed to hire lobbying firms to oppose DAAML.

The 2024 election day in the United States is scheduled for November 5th, with control of the House of Representatives, Senate, and the Presidency up for grabs by either Republicans or Democrats. attempted to reach out to Fairshake for comment but did not receive a response at the time of publication.

Rice Fullilove

Rice Fullilove

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