Crypto Super PACs Could Provide Financial Backing for Potential Challenger to Elizabeth Warren

Senator Elizabeth Warren has suggested that potential attacks on her and Representative Katie Porter’s 2024 campaigns could be funded by “corporate money” connected to cryptocurrency supporters. In an interview with Pod Save America, Jon Favreau, former speechwriter for President Barack Obama, questioned Senator Warren about John Deaton, a “Republican crypto enthusiast” who is considering challenging Warren for her seat in the 2024 election. Senator Warren, known for her skepticism towards digital assets, suggested that “corporatists” could try to support challengers to her and Representative Porter by spending any amount of money necessary. Favreau mentioned the possibility of crypto Super PACs, like Fairshake, supporting challengers with money, similar to what happened in Representative Porter’s California Senate race. Fairshake, a SuperPAC backed by crypto firms such as Ripple and Coinbase, released an ad in February accusing Representative Porter of accepting campaign contributions from “big pharma, big oil, and big bank executives.” However, the ad was rated as “mostly false” by Andrew Sheeler of the Sacramento Bee for misrepresenting the companies that had donated to Porter’s campaign. Representative Porter responded to the ad, stating that “corporate special interests are spending millions to distort my record.” Senator Warren clarified that neither her campaign nor Porter’s accepted “corporate PAC money” and relied on small donations for their Senate races. She defended her push to pass the Digital Asset Anti-Money Laundering Act (DAAML), emphasizing that crypto was not too complicated to regulate and highlighting the gaps in the current system that allow illicit activities to take place. Senator Warren attributed these gaps to the fact that crypto has become a haven for drug traffickers, human traffickers, rogue nations, and terrorists. She also mentioned that some crypto supporters have significant financial resources and hire lobbying groups to oppose the DAAML. The 2024 U.S. election will take place on November 5, with control of the House of Representatives, Senate, and Presidency up for grabs. Cointelegraph reached out to Fairshake for comment but did not receive a response. The proposed crypto regulations in the U.S. are driven by lawmakers’ fear and doubt.