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Pro-crypto super PACs pouring tens of millions into 2024 elections • Arkansas Advocate

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Pro-crypto super PACs pouring tens of millions into 2024 elections • Arkansas Advocate


Former president Donald Trump’s selection of Sen. J.D. Vance (R-Ohio), as his running mate is expected to turbocharge the cryptocurrency industry’s spending in the 2024 election cycle.

Vance, who owns up to $250,000 in Bitcoin, is a recent champion of the digital asset industry. During his time in the Senate, Vance has drafted legislation that would rework how the Securities and Exchange Commission and Commodity Futures Trading Commission regulate the crypto community — much to the liking of crypto investors.

Crypto-backed super PACs are already pouring tens of millions of dollars into congressional races.

One pro-crypto super PAC launched in December 2023, Fairshake, has already spent $14.4 million to independently bolster the campaigns of crypto-friendly congressional candidates in the 2024 election cycle. The bulk of that spending has gone to attacking Democratic candidates in primaries but Fairshake has also spent to support candidates on both sides of the aisle.

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Fairshake ended June with nearly $120 million cash on hand, an OpenSecrets analysis of new campaign finance reports filed July 20 found.

On its website, Fairshake pledges to “support candidates committed to securing the United States as the home to innovators building the next generation of the internet.”

“Providing blockchain innovators the ability to develop their networks under a clearer regulatory and legal framework is vital if the broader open blockchain economy is to grow to its full potential here in the United States.”

Since corporations themselves cannot donate directly to political candidates or party committees and individual donors are subject to strict contribution limits, cryptocurrency companies and their executives are taking advantage of making unlimited contributions to super PACs — which are allowed to raise unlimited sums of money to support and oppose candidates thanks to the Supreme Court’s 2010 decision in Citizens United v. FEC.

 

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Fairshake has received over $46.5 million in donations from Coinbase, one of the largest cryptocurrency exchange platforms in the U.S. A blockchain-based digital payment network called Ripple has also deepened Fairshake’s pockets with contributions totalling $45 million.

Executives at a Silicon Valley venture capital firm called Andreessen Horowitz have given over $44 million to Fairshake since its inception. After Trump’s selection of Vance as his running mate, those executives — Marc Andreessen and Ben Horowitz —  told employees that they plan to make large contributions to pro-Trump super PACs in the 2024 election cycle.

Trump — once a staunch critic of cryptocurrency — released his presidential platform saying, “Republicans will end Democrats’ unlawful and un-American crypto crackdown and oppose the creation of a Central Bank Digital Currency.”

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In contrast, President Joe Biden’s administration has taken what some industry players have described as a “hardline” stance on cryptocurrency with the White House pushing for more regulation and appointing Gary Gensler, a former Goldman Sachs investment banker, to chair the SEC.

“We don’t need more digital currency,” Gensler stated in 2023. “We already have digital currency, it’s called the U.S. dollar.”

In the hours following Biden’s announcement ending his campaign, the price of Bitcoin briefly topped

$68,000, the highest increase for the cryptocurrency since June. The crypto community is increasingly curious to see whether Vice President Kamala Harris, who took over Biden’s campaign after his withdrawal from the race, will prolong Biden’s tight clamp on companies like Coinbase and Ripple or forge a new stance altogether.

 

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Fairshake is affiliated with two super PACs. Defend American Jobs has spent $17.1 million to support pro-crypto Republican candidates in the 2024 elections while Protect Progress has spent $13.5 million supporting Democrats in the 2024 cycle. Together, the three pro-crypto super PACs have over $127.2 million on hand.

Like Fairshake, both of its affiliated super PACs are supported by Andreessen Horowitz, Coinbase, Ripple, and Multicoin Capital.

Since its inception, over $12 million of Fairshake’s spending has gone to oppose two Democratic candidates, Rep. Katie Porter (D-Calif.) and Rep. Jamaal Bowman (D-N.Y.) — both of whom lost their primaries. Fairshake launched attack ads on Porter, who has a history of allying with anti-crypto figures, like Sen. Elizabeth Warren (D-Mass.). Porter’s campaign called the claims in Fairshake’s attack ads “false.”

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“We are making sure the 8 million crypto owners in California – who are disproportionately young voters who support Democrats – know about her hostility toward the technology and how that would hurt American jobs,” said Josh Vlasto, a spokesman for Fairshake, told CoinDesk, a cryptocurrency-focused news site.

Fairshake has supported pro-crypto congressional candidates across the political spectrum and has not yet commented on whether it will be supporting any presidential candidates.

As of July 24, the super PAC has spent over $702,000 to support Democrats including Rep. Steven Horsford (D-Nev.) and Rep. Wiley Nickel (D-N.C.). On the other side of the aisle, Fairshake has spent $551,600 to support Republicans including Rep. Young Kim (R-Calif.) and House Majority Whip Tom Emmer (R-Minn.).

 

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Emmer and Nickel are cosponsors on multiple pieces of crypto-centered legislation that have circulated in the 117th and 118th Congress, including the Financial Innovation and Technology for the 21st Century Act, and the Digital Commodity Exchange Act — both of which seek to establish a regulatory framework for digital assets.

In a statement about the Financial Innovation and Technology for the 21st Century Act, Gensler wrote, “The crypto industry’s record of failures, frauds, and bankruptcies is not because we don’t have rules or because the rules are unclear. It’s because many players in the crypto industry don’t play by the rules.” He continued, “We should make the policy choice to protect the investing public over facilitating business models of noncompliant firms.”

On July 27, Trump made an appearance at a Bitcoin conference in Nashville, Tenn., where digital asset leaders gathered to discuss the future of cryptocurrency. Attendees had the option of paying $844,600 for an exclusive event after Trump’s keynote — the ticket price being the maximum amount an individual can legally contribute to Trump’s campaign in 2024.

At the event, Trumplaid out his “plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world.”

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Arkansas plan to implement SNAP junk food restrictions ‘not feasible,’ lawmaker says

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Arkansas plan to implement SNAP junk food restrictions ‘not feasible,’ lawmaker says


Arkansas’ prohibition on the use of SNAP benefits for unhealthy food items like soda and candy takes effect next year, and state lawmakers and retailers are questioning how it can realistically be implemented.

At an Arkansas Legislative Council meeting Tuesday, State Sen. Jonathan Dismang, (R) District 18, expressed concerns about the lack of clarity from the state on what food items are banned.

“I have started getting concerns from retailers on how we’re going to implement the nutrition side of the program,” Dismang said.

There’s not a clear list of SNAP-prohibited junk food products Arkansas has named in its new ban, which only says that “soda, fruit and vegetable drinks with less than 50 percent natural juice, unhealthy drinks, and candy” are now ineligible for SNAP.

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The Arkansas Department of Human Services has planned to put the burden of defining what is or isn’t eligible on retailers rather than creating its own list.

The plan was for retailers to refer to GS1 U.S. food product classifications as a guide, but very few retailers actually use that. The state has two other options.

“If they choose to use a third party to help take that GS1 framework and apply it to their own individual product array that they sell, that’s an option as well… the third option is take the broad definitions that we are providing through the GS1 framework and apply it in good faith to their own product array,” said Mary Franklin, director of the DHS Division of County Operations, at Tuesday’s ALC Peer meeting.

“Your three options are not workable options for retailers. That may be the easiest thing for DHS to do, but it is not feasible for every grocer or retailer in the state to maintain their own list,” Dismang responded, “we’re going to be asking our retailers to make those judgment calls at their own peril if they do it incorrectly.”

The senator expressed concern that it may discourage retailers from participating in SNAP, potentially costing recipients their access to benefits, particularly in rural areas.

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“What I’m scared you’re going to do is create a scenario where entities, probably in areas that they need it the most, are not going to be able to offer SNAP because of the risk associated with not appropriately categorizing an item,” Dismang said.

“We want to make sure that the rules don’t unintentionally reduce access across communities that already face barriers,” Claire Tiffin, director of community engagement with the Arkansas Food Bank, told KATV.

Dismang has asked that DHS establish its own list of SNAP-ineligible food items that retailers can rely on.



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Arkansas basketball win vs Winthrop marred by scuffle between players

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Arkansas basketball win vs Winthrop marred by scuffle between players


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Arkansas men’s basketball mounted a large surge to erase a five-point deficit in the final 1:15 and avoid what would have been a massive upset against Winthrop in an 84-83 victory at Bud Walton Arena in Fayetteville, Arkansas, on Tuesday, Nov. 18.

The comeback might not have even been the most notable event from the game’s waning moments.

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Trailing by one with 15 seconds remaining, Arkansas’s Meleek Thomas got a steal and initiated a fast break, which ended with a Nick Pringle layup with 11.9 seconds left to give the Razorbacks what would ultimately prove to be the game-winning basket.

After the bucket, Pringle turned around to head back to get on defense, but had his head caught between the arms of Winthrop center Logan Duncomb, who caught the ball after it went through the basket. The two tangled players fell to the court, after which Pringle lifted Duncomb up by the front of his jersey before pushing him back down on the ground.

Coaches and players from both teams sprinted on the court to break the players up before the situation could escalate into a fight.

Both Pringle and Duncomb were issued Class A technical fouls. Duncomb’s foul was his fifth of the game, removing him from the contest. Two players from each team were ejected from the game for running onto the court from the bench.

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After the game, Pringle said he apologized to his teammates in the huddle for the altercation.

“I can’t have my team in those type of scenarios, no matter what happens,” Pringle said. “So, you know, just gotta be smarter. I shouldn’t react. I should have just, you know, took it as it was, and let it slide. Big games, that can cost us.”

Winthrop’s Daylen Berry missed a contested 3-pointer on the other end, allowing the No. 22 Razorbacks to hold on for a win in a game in which they were favored by 23.

Pringle, a 6-foot-10 senior, is in his first season at Arkansas after transferring over from South Carolina after the 2024-25 season. He entered the game against Winthrop averaging 5.8 points and six rebounds per game this season.

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Acuff leads No. 21 Arkansas against Winthrop after 20-point game

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Acuff leads No. 21 Arkansas against Winthrop after 20-point game


Winthrop Eagles (2-2) at Arkansas Razorbacks (3-1)

Fayetteville, Arkansas; Tuesday, 8 p.m. EST

BETMGM SPORTSBOOK LINE: Razorbacks -20.5; over/under is 167.5

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BOTTOM LINE: No. 21 Arkansas hosts Winthrop after Darius Acuff Jr. scored 20 points in Arkansas’ 79-75 victory over the Samford Bulldogs.

Arkansas went 22-14 overall last season while going 13-4 at home. The Razorbacks averaged 76.8 points per game last season, 35.7 in the paint, 14.1 off of turnovers and 12.2 on fast breaks.

Winthrop went 23-11 overall a season ago while going 5-8 on the road. The Eagles averaged 84.7 points per game while shooting 47.4% from the field and 34.2% from 3-point distance last season.

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The Associated Press created this story using technology provided by Data Skrive and data from Sportradar.

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