Chip

Richie

Terra

FairShake, a prominent crypto Super PAC, is under heavy scrutiny from crypto enthusiasts for not supporting John Deaton in his electoral campaign. Deaton, a pro-XRP lawyer known for representing XRP holders against the SEC, is running against <a href="https://coingape.com/senator-elizabeth-warren-urges-fed-chair-jerome-powell-to-cut-interest-rates/" target="_blank" rel="noopener noreferrer nofollow">Senator Elizabeth Warren</a>, a notable anti-crypto figure.
Notably, this decision by FairShake has ignited considerable debate in the crypto community.
<h2 id="fairshake-faces-criticism-for-not-supporting-john-deaton">FairShake Faces Criticism For Not Supporting John Deaton</h2>
On The Chain co-founder Stephen Chip, known as Chip-onthechain.io on X, criticized Fairshake for their apparent partisan leanings. Chip noted that <a href="https://coingape.com/coinbase-follows-ripple-a16z-25m-donation-fairshake-crypto-pac/" target="_blank" rel="noopener noreferrer nofollow">FairShake</a> had raised $160 million by May end and predominantly supported Democratic candidates.
Notably, he highlighted that 90% of FairShake’s donations went to Democrats, many of whom hold anti-crypto positions. In a recent post, Chip questioned the organization’s lack of support for pro-crypto candidates, particularly <a href="https://coingape.com/pro-xrp-lawyer-john-deaton-blasts-warren-and-sec-over-crypto-regulation/" target="_blank" rel="noopener noreferrer nofollow">John Deaton</a>.
In addition, Chip pointed out that Crypto Super PAC FairShake had contributed $10 million to <a href="https://coingape.com/crypto-backed-pac-spends-10-mln-to-influence-california-senate-elections/" target="_blank" rel="noopener noreferrer nofollow">Adam Schiff’s</a> primary race, despite Schiff’s minimal support for crypto. Conversely, pro-crypto candidate Richie Torres received only $63,084 from FairShake.
Meanwhile, this disparity in funding allocation has led to widespread discontent among crypto advocates, who see Deaton as a crucial ally in the fight for favorable crypto regulations. FairShake’s omission of support for Deaton, who successfully represented 76,000 XRP holders against the <a href="https://coingape.com/ripple-xrp-case-update-june-20-judge-torres-was-right-on-xrp-sec-may-not-appeal/" target="_blank" rel="noopener noreferrer nofollow">SEC</a>, has left many puzzled.
Chip asked for transparency from the organization, questioning why they have not contributed to Deaton’s campaign while backing candidates with less pro-crypto stances.
Also Read: <a href="https://coingape.com/why-terra-luna-classic-lunc-ustc-prices-crashed-amid-massive-6-5-bln-lunc-burn/" target="_blank" rel="noopener noreferrer nofollow">Why Terra Luna Classic (LUNC), USTC Prices Crashed Amid Massive 6.5 Bln LUNC Burn</a>
<h2 id="community-demands-transparency">Community Demands Transparency</h2>
FairShake’s actions have prompted significant backlash within the <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency</a> community. Crypto enthusiast Moonchaser joined the discussion, expressing surprise at FairShake’s lack of support for Deaton despite his contribution towards <a href="https://coingape.com/ripple-crypto-super-pac-donation-overshadows-proposed-10m-sec-fine/" target="_blank" rel="noopener noreferrer nofollow">Ripple</a>. Moonchaser’s query reflects a broader concern among crypto proponents about the organization’s strategic choices.
In addition, Yassin Mobarak, founder of Dizer Capital and a prominent crypto figure, voiced his frustration, stating, “If this is true, it is unacceptable.” Mobarak’s comment reflects the dissatisfaction among crypto supporters who believe that FairShake’s financial resources should be directed toward candidates who actively advocate for the crypto sector.
Meanwhile, the controversy surrounding the Crypto Super PAC’s decisions has intensified calls for the organization to clarify its stance and funding allocations. Furthermore, crypto supporters argue that backing candidates like Deaton is essential for advancing favorable <a href="https://coingape.com/glossary/crypto-regulation/" target="_blank" rel="noopener noreferrer nofollow">crypto regulations</a> and protecting the interests of the community.
As the debate unfolds, the crypto community remains vigilant, urging FairShake to align its actions with the interests of crypto proponents and provide transparency in its funding strategies.
Also Read: <a href="https://coingape.com/avalanche-price-axax-slips-10-amid-massive-selloff-by-an-entity/" target="_blank" rel="noopener noreferrer nofollow">AVAX Price Slips 10% Amid Massive Selloff By An Entity</a>
The post <a href="https://coingape.com/crypto-super-pac-fairshake-faces-backlash-for-not-backing-john-deaton/" rel="noopener noreferrer nofollow">Crypto Super PAC FairShake Faces Backlash For Not Backing John Deaton</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Crypto Super PAC FairShake Faces Backlash For Not Backing John Deaton

Table of Contents

Coingape News Media

Other articles published on Jun 22, 2024

Cryptocurrency Prices Show Market Trends

Top Altcoins to Watch as XRP Case Nears its End: Wormhole, Brett and Rebel Satoshi Arcade (RECQ)

Bitcoin Struggles Amidst Global Stock Gains: The Impact of German Government Sales

Practical Tips On How To Cut Your Crypto Tax Burden

Top Free Token Giveaways: Participate in top free token giveaways today!

The Impact of Interest Rates on Real Estate Prices: A Forecasting Guide

Join our free newsletter for daily crypto updates!