As interest groups have flooded northern Orange County with advertising about a hotly competitive congressional race, a new industry has emerged as a major spender: cryptocurrency. A political action committee called Fairshake, funded by cryptocurrency companies and their investors, has spent more than any other industry group — nearly $2.8 million — to help vulnerable Republican incumbent Rep. Michelle Steel retain her seat in Congress.
As a super PAC, Fairshake can make independent expenditures on behalf of candidates, but cannot contribute directly to, or coordinate with, their campaigns. An ad released by Fairshake for Steel this month touts her track record as an advocate for women, but makes no mention of crypto. Steel, meanwhile, has attacked her opponent, Democrat Derek Tran, for his crypto holdings.