Super PAC’s Attack Ads on Crypto: Rep. Katie Porter

California Representative Katie Porter, who was unsuccessful in her bid for a Senate seat in March, has suggested that targeted political ads may have played a role in her defeat. Porter specifically referred to a series of ads by a Super PAC called Fairshake, which was backed by cryptocurrency firms such as Ripple and Coinbase. The PAC, which spent $10 million on derailing Porter’s campaign, failed to contribute to a meaningful discussion on cryptocurrency policy, according to Porter. She argued that rather than engaging in a productive conversation, the negative ads simply attacked her personally. Porter stressed the importance of discussing crypto policy, but noted that Fairshake’s tactics hindered any constructive dialogue.

Porter had been vying for one of California’s Senate seats, but lost in the primary election to Adam Schiff and Steve Garvey. The Fairshake ad spot released in February claimed that Porter had received campaign contributions from industries such as pharmaceuticals, oil, and banking. The Sacramento Bee rated these claims as “mostly false.” Porter acknowledged that candidates should be questioned about their stances on crypto-related policy and potential conflicts of interest. She criticized attack ads like the ones she faced, arguing that they prevented a meaningful debate on important issues.

Porter expressed her belief that blockchain technology has the potential to bring about positive change. She emphasized the need for robust discussions on crypto policy and lamented that her views on the issue were never explored by Fairshake. Moving forward, Schiff and Garvey will compete against each other in a November runoff, which coincides with a major U.S. election in 2024. John Deaton, a lawyer representing crypto firms, has announced his intention to challenge crypto skeptic Elizabeth Warren for a Senate seat in Massachusetts.