Crypto
Republicans claim betrayal as cryptocurrency PAC backs Democrats
JACKSON HOLE, Wyo. — A leading pro-cryptocurrency political group has dumped millions of dollars into high-profile Michigan and Arizona Senate races to back Democrats against Donald Trump-endorsed candidates, angering top Republicans who viewed the industry as an ally, not an opponent.
Fairshake PAC and its affiliated super PACs are reserving millions in advertising spending to influence three U.S. Senate races this cycle, and have announced commitments of about $3 million each to Democrats Rep. Ruben Gallego, who is running in Arizona, and Rep. Elissa Slotkin, a candidate in Michigan, it said on Wednesday.
The spending risks upending GOP efforts to secure seats in two key battleground states in the fight for control of the Senate and comes as top Republicans — amid a hostile regulatory environment — have leveraged their political capital to broker closer ties to the cryptocurrency industry.
When asked for comment, Fairshake referred NBC News to Slotkin and Gallego’s current A-ratings from Stand With Crypto, a nonprofit group advocating for the crypto industry. Both Democrats this year crossed party lines to support a historic crypto bill.
For years, Slotkin had expressed skepticism of cryptocurrency until an apparent change of heart in recent months. The Michigan lawmaker earned an F-rating from Stand With Crypto as recently as March.
Gallego, who is facing off against Republican Kari Lake, had failed in the past to back legislation that was supported by the crypto industry and, in 2022, praised on social media a candidate who “slayed the Crypto beast.” Last year, Gallego signed onto a letter, spearheaded by Sen. Elizabeth Warren, D-Mass., to address crypto-financed reforms, crediting her as an “outspoken advocate for regulation and oversight of crypto.” He has also criticized business owners like Elon Musk for “pushing Bitcoin” and profiting off cryptocurrency, and signed onto legislation perceived as hostile by the industry in years past.
Lake earned an A rating from the group Stand With Crypto for her strong statements about supporting the industry, and is assessed as “very pro-crypto.”
A spokesperson for Fairshake, Josh Vlasto, said in a statement that the super PAC and its affiliates are working to “support candidates who embrace innovation, want to protect American jobs and are committed to working across the aisle to get things done and oppose those who do not.”
The crypto industry and its aligned super PACs have amassed more than $100 million to spend in House and Senate races, part of an effort to shape a favorable regulatory landscape by bolstering crypto-friendly candidates. In Ohio alone, the group is targeting $12 million in support of a Republican Senate candidate running to unseat Democratic Sen. Sherrod Brown, chair of the powerful Committee on Banking, Housing and Urban Affairs, who is viewed by industry advocates as a crypto skeptic.
Fairshake is the leading PAC funded by digital asset firms, with its most significant contributions coming from a handful of donors: blockchain firm Ripple; individual donors affiliated with the venture firm Andreessen Horowitz; and Coinbase, the largest U.S. cryptocurrency exchange.
Republican operatives making the case for crypto say that it is a growth industry that the party has embraced for good reasons, and that these efforts will continue to pay off over time.
“The world has changed since Trump’s first term in office,” said Matt Mackowiak, a GOP strategist based in Austin, Texas. “The smart Republicans have seen that opportunity and have moved towards it. And it has multiple advantages: One, it is a source of fundraising. Two, it is a way to attract votes from a younger demographic. And three, it is an issue that can set up a contrast with the Democrats, and makes Republicans look like the party of the future.”
Now, simmering tensions are moving into the open as alarmed Republicans eye Fairshake, its affiliated super PACs and top backers with mounting skepticism. They warn that the groups risk losing sway with Republicans after working to cultivate hard-won relationships and are questioning the durability of Gallego and Slotkin’s support.
“It is reminiscent of when the Chamber of Commerce bankrolled a bunch of anti-business House Democrats who turned around and passed massive tax hikes on businesses with the so-called Inflation Reduction Act,” a senior GOP Senate aide said. “Now, the Chamber of Commerce can’t even get a meeting with House Republican Leadership to discuss their priorities.”
Congressional Republicans and the Chamber of Commerce have been on rocky terms in recent years after the business lobbying group became irate with Republicans for not supporting immigration reforms and not stopping Trump’s tariffs, both positions the group felt harmed American business. The chamber announced a willingness to back Democrats, a move that was unimaginable in the Obama era and that enraged many Republicans on the hill.
The aide continued: “It is surprising that whoever is advising Fairshake has come up with the same flawed strategy.”
One GOP strategist involved in Senate races warned that the spending risks hurting Trump as well since his allies are being attacked.
“Coinbase and Fairshake are attempting to become toxic to Republicans. Spending against two key GOP candidates could jeopardize the Senate and harm Trump,” said the source, who was not authorized to speak publicly so as not to get ahead of the former president. “Gallego and Slotkin have voted against bitcoin interests and would vote to confirm a far-Left SEC Chairman. It makes no sense.”
The spending was a hot topic of conversation as Republicans descended on Jackson Hole this week, alongside Marc Andreessen and representatives from Coinbase and other crypto groups, to attend consecutive retreats hosted by the Congressional Leadership Fund super PAC and House Speaker Mike Johnson, R-La. Andreessen and his business partner, Ben Horowitz, have endorsed Trump in the presidential race and criticized the Biden-Harris administration’s regulatory agenda and its promise to tax unrealized capital gains. Together, Andreessen and Horowitz are among Fairshake’s most significant donors.
“Republicans are WTF about what’s going on with Fairshake, and I think that’s a pretty bad omen for the industry, that people are wondering why our main trade association is pointing its arsenal at our friends,” said one industry leader who was granted anonymity to speak freely. “A lot of people are walking around the CLF conference astonished that this is the strategic chess move that the industry has made.”
A prominent member of Trumpworld likened the support “to a pro-Israel group giving money to the Squad.” A source familiar with the comments who was not authorized to speak publicly said the comparison suggests that Fairshake is supporting a cohort hostile to its interest.
Trump has promised to implement crypto-friendly policies if elected, culminating in a reversal of his stance from his time in the White House, when he criticized Bitcoin as “highly volatile and based on thin air.” Trump’s campaign now accepts Bitcoin donations, and his selection of running mate JD Vance was viewed as a win for the industry. Vance has called for looser regulation of crypto and disclosed that he has $250,000 to $500,000 worth of bitcoin among his assets.
Mackowiak said the shift is in part generational, with Vance credited with convincing a group of Silicon Valley investors to host Trump on their popular podcast and hold a San Francisco fundraiser that raked in millions.
A former Trump regulator said that a future Trump administration would invite “a more nuanced approach to regulation” around crypto but that a regulatory shift should be expected regardless of who wins the presidential race. “It’ll just be faster if you have a Trump presidency.”
Since taking over the Democratic Party’s nomination, Vice President Kamala Harris has begun seeking a “reset” with the crypto industry, with executives from Coinbase, Ripple and Kraken voicing their concerns to the White House during a Zoom call, according to Bloomberg. Democrats have launched a Crypto4Harris group that is seeking to formalize the industry’s ties to the presidential candidate. Top Harris surrogates are also signaling a more open environment should she win in November, with Maryland Gov. Wes Moore promising during a recent interview on CNBC that Harris would offer a regulatory framework that would be more business-friendly than under Biden.
The former regulator said many are still skeptical, however.
“The big political question here is, can Harris convince proponents of industry that she has done a 180, or is it just talk?” he said. “Because they will not believe that she will cross Elizabeth Warren.”
This article was originally published on NBCNews.com
Crypto
The Cryptocurrency News That Matters: CLARITY Act Advances While Pepeto, SOL, and XRP Position for What Comes Next
The CLARITY Act just cleared its biggest hurdle with a stablecoin yield compromise that Coinbase and Circle backed within hours, and this cryptocurrency news could reshape how capital flows through crypto for the rest of the decade. SOL holds $83.60 and XRP sits at $1.38 while the market waits for Senate Banking to act. Raising above $9 million through months of uncertainty, Pepeto https://pepetoswap.com gives holders a full marketplace with exchange tools and a Binance listing that turns every presale wallet into the position the open market prices higher.
What the Latest Cryptocurrency News Says About the CLARITY Act and Market Structure
Senators Tillis and Alsobrooks released a yield compromise in the CLARITY Act on May 2 that bans stablecoin interest payments that copy bank deposits but allows rewards tied to real use according to CoinDesk. Coinbase CEO Brian Armstrong posted “Mark it up” and Circle’s Dante Disparte called the deal meaningful progress according to the same CoinDesk report. The bill reaching markup would give crypto its first full market structure law, and every project with working tools stands to gain the most from the clarity that follows.
How Pepeto, Solana, and XRP Fit Into the Cryptocurrency News Cycle Ahead
Pepeto
When regulation moves forward, the projects that already operate with audited tools and real utility are the ones that gain the most from the new rules. The ones still building have to catch up while the ones already running absorb the capital that clarity brings in.
Pepeto https://pepetoswap.com was designed to be running before the regulation arrived, and the approaching Binance listing is the event that turns a presale marketplace into the open market position every holder has been waiting for.
Analysts project returns between 100x and 300x from the current presale entry of $0.0000001864, and above $9 million raised while the cryptocurrency news cycle focused on fear and uncertainty proves the community behind this project already moved on conviction. The CLARITY Act brings rules, and the projects with live tools and audited contracts meet those rules from day one.
While SOL and XRP wait for regulatory clarity to unlock their next move, Pepeto’s cross chain bridge sends assets between networks at zero cost and PepetoSwap handles trades with zero fees so holders keep every dollar of value when they move between tokens. The cofounder who created the original Pepe coin turned 420 trillion tokens into an $11 billion result with zero products, and the cryptocurrency news pointing to the CLARITY Act is exactly the kind of backdrop that rewards projects with real tools already in place. Staking runs at 176% APY for holders who lock tokens while they wait, and the presale entry shuts permanently the moment the Binance listing opens trading.
https://www.youtube.com/watch?v=gPX8yXeLk00
Solana (SOL)
SOL trades at $83.60 according to CoinMarketCap, down 71% from its $293 all time high. Western Union announced a Solana stablecoin called USDPT launching next month, and the GSR Crypto Core3 ETF now includes SOL alongside BTC and ETH. The headlines favor SOL, but from $83.75 the climb back to $293 takes momentum the current range has not produced.
XRP
XRP trades at $1.38 according to CoinDesk, holding steady after gaining 4% on the week. Whale wallets continue daily accumulation and the CLARITY Act would bring the regulatory clarity Ripple has fought years to achieve. The cryptocurrency news favors XRP’s legal position, but from $1.38 the return to the $3.84 all time high is a 176% climb that depends on events the market has not yet confirmed.
Conclusion
The CLARITY Act advancing is the cryptocurrency news headline that changes everything, because regulatory clarity brings the institutional capital that has been waiting on the side. SOL and XRP both stand to benefit, but from their current prices the upside takes time to arrive.
The rarest combination crypto produces is meme energy plus real tools plus a confirmed exchange listing, and that combination shows up once per cycle if it shows up at all. The Pepeto official website shows every tool live right now, and the wallets inside above $9 million already know what the Binance listing delivers. Moving into the presale now locks in the position that clarity reprices, and the moment the listing arrives the entry cost that exists right now becomes the opportunity no future buyer gets to match.
Click To Visit Pepeto Website To Enter The Presale: https://pepetoswap.com
FAQs
What is the biggest cryptocurrency news today?
The CLARITY Act stablecoin yield compromise advanced with Coinbase and Circle backing, moving crypto closer to its first full market structure law.
How does the cryptocurrency news affect SOL and XRP outlook?
Both tokens gain from regulatory clarity, but SOL sits 71% and XRP 64% below their highs, making the return path slow from current levels.
Where can holders find the strongest presale entry before listing?
The Pepeto official website shows live tools with a SolidProof audit and a Binance listing approaching, giving holders the entry the open market removes.
Disclaimer:
The material in this article is for informational purposes only and should not be interpreted as financial advice. Cryptocurrency investments involve significant market risk and volatility, including the loss of your capital. Always perform your own research or consult a licensed financial expert before making decisions.
Contact: Dani Bonocci
Website: https://www.tokenwire.io
Phone: +971586738991
SOURCE: Pepeto
Press release distribution
This release was published on openPR.
Key Takeaways:
- A new wallet pulled 1,051 BTC worth $82.35 million from Binance, per Lookonchain.
- U.S. bitcoin ETFs recorded $630 million in net inflows on May 1, amplifying the bullish demand signal.
- Centralized exchanges have shed over $26 billion in bitcoin and ether since January 2026.
New Wallet, Big Move
Onchain intelligence platform Lookonchain flagged the withdrawal, noting that the receiving wallet had been newly created, a common fingerprint of institutional players or high-net-worth individuals seeking to self-custody large holdings outside of exchange infrastructure.
At the prevailing price of approximately $78,000 per bitcoin, the 1,051 BTC haul is valued at roughly $82.35 million. The transaction was confirmed in a single block, and no subsequent movement has been recorded from the destination address, a pattern consistent with long-term storage rather than positioning for a near-term sale.
What Exchange Outflows Tell Us
Large bitcoin withdrawals from centralized exchanges typically pertain to coins that cannot be immediately sold. Sustained outflow trends reduce available sell-side supply and, over time, tend to tighten price floors.
That trend has been running hard in 2026, marked by a massive structural shift away from traditional exchange-held balances. According to CryptoQuant, February alone saw over 31.6 million ETH withdrawn from centralized exchanges, driving reserves to multi-year lows. Analysts attribute this shift to a growing institutional preference for direct custody and regulated vehicles over traditional exchange-held balances.
The timing of today’s withdrawal adds to an already constructive demand picture. On May 1, U.S. bitcoin spot exchange-traded funds (ETFs) recorded net inflows of $630 million, with ether ETFs adding a further $101 million, one of the stronger single-day readings in recent months.
Part of a Larger Whale Pattern
Cryptoquant data published earlier this year showed bitcoin whales quietly buying thousands of coins over a two-month window, even as retail sentiment remained cautious. However, institutional accumulation is not one-directional, because a separate investigation tracked a different whale sending 1,000 BTC to Binance and booking a $3.42 million profit, a reminder that large players are actively positioned on both sides of the market simultaneously.
One thing from this latest move is that whoever controls this new wallet has decided not to leave 1,051 bitcoin on an exchange, and at this price level, that decision alone could carry substantial weight.
Mohamed “Moe” Mohamed didn’t think the cryptocurrency ATM installed in his Heber City convenience store, Mountainland One Stop, about a year ago would cause so much trouble. He knew Bitcoin and other cryptocurrencies were gaining traction, so he thought nothing of signing a three-year contract to keep the machine in his store.
But Mohamed began to notice an influx of people, many elderly, visiting the store to use it as soon as it was installed. Many came with cash in hand, sometimes tens of thousands of dollars, to deposit.
Mohamed asked these customers what they were doing, and he quickly realized they were being scammed. Unable to get out of his contract, Mohamed implemented a store policy: keep customers away from the machine at all costs.
The Heber City Council gave Mohamed a way out of his contract when it passed an ordinance prohibiting cryptocurrency ATMs on April 7. The operator of the cryptocurrency ATM has 60 days from the passing of the ordinance to uninstall the machine, which is the only one in Heber City.
Police Chief Parker Sever suggested the ban after hearing a presentation about cryptocurrency fraud from the Utah Attorney General’s Office a few months ago and having subsequent conversations with Mohamed.
“There was no intent on the part of One Stop to commit any fraud or to hurt anybody. In fact, they’re actively trying to do the opposite,” Sever said. “When they put that machine in there, they thought it was for a legitimate purpose, as I probably would have at the time, too.”
Cryptocurrency ATMs charge transaction fees ranging from 20% to 40%, while other online methods charge much lower fees, according to a city staff report. Additionally, these machines have minimal oversight and regulatory control, making them popular for fraud and other criminal activity.
Utah Criminal Deputy Attorney General Stewart Young said scammers from other countries often use cryptocurrency ATMs to transfer money across borders. That also makes them popular tools for money launderers.
Fraud involving these machines often involves the scammer convincing the victim to deposit money into the scammer’s account, Young explained.
Persuasion can take a variety of forms.
For example, “pig-slaughtering” scams involve the scammer targeting a victim online and fattening them up through romance and affection before bleeding them dry.
“The scammer will invariably pretend to be an oil worker working on an oil rig in the Pacific Ocean or something like that,” Young said. “They’ll develop a romance online, and eventually, at some point, they’ll come up with some reason that they need money. It might be, ‘I really want to spend the rest of my life with you, but I can’t get off this oil rig. I want to start my own oil drilling business … and then we can be together forever.’”
Other scammers impersonate law enforcement officials and threaten legal consequences for missing jury duty or not paying a traffic ticket, all while insisting that the situation can be resolved by depositing money at a cryptocurrency ATM.
Another common scheme creates the illusion of investment. After the victim deposits money using a virtual currency kiosk, the scammer will deposit some of their own money into the account to make it look as if the victim’s investment is earning interest, Young explained. The scammer will convince the victim to deposit larger and larger amounts before withdrawing the money and shutting down the account.
Young estimated more than 90% of cryptocurrency ATM transactions are related to fraud or other criminal activity.
That’s one reason the Utah House of Representatives passed House Bill 72 during the recent 2026 legislative session. The bill, sponsored by Republican Rep. Ryan D. Wilcox, who represents Weber County, creates statewide restrictions on cryptocurrency ATMs.
The bill requires operators of cryptocurrency ATMs to display a fraud prevention warning in English and Spanish and provide a toll-free, 24/7 customer service line. The machines also must print receipts, including transaction information and the relevant state law enforcement or government agency for reporting fraud.
The bill also makes it illegal for a cryptocurrency ATM to accept transactions over a certain amount. The machine cannot accept more than $2,000 per day during the three days following the customer’s first virtual currency kiosk transaction. After that period, the machine cannot accept more than $5,000 from a single customer per day.
These provisions go into effect on Wednesday.
Starting July 1, local law enforcement agencies are required to have at least one officer undergo specialized cryptocurrency investigation training at least once every three years.
Some cities have banned cryptocurrency ATMs altogether. Layton was the first city in Utah to do so, which it did in March. Heber City was the second and modeled its ordinance on Layton’s.
Two states, Indiana and Tennessee, have passed legislation banning cryptocurrency ATMs. Both states’ respective governors signed bills during this year’s legislative session.
Undersheriff Josh Probst said there are no other cryptocurrency ATMs the Sheriff’s Office is aware of in Wasatch County.
In Summit County, Park City Police Department Lt. Danielle Snelson and Sheriff’s Office Sgt. Skyler Talbot said they were only aware of one cryptocurrency ATM, located at Top Stop Chevron on the side of S.R. 224. They were unaware of plans to propose any bans. Snelson said no issues with the machine had been reported to the Police Department.
Mohamed feels “terrible” that the cryptocurrency ATM was ever installed in Mountainland One Stop and is grateful for Heber City’s ban.
“It’s been the worst thing I’ve ever put in a business, and I’ve owned my own business for 22 years,” he said. “I would advise every city, every county and state to ban these.”
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