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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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Tulsa downs Northwest Arkansas | Northwest Arkansas Democrat-Gazette

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Tulsa downs Northwest Arkansas | Northwest Arkansas Democrat-Gazette


SPRINGDALE — Tulsa scored two runs in the first INNING and four more in the second to grab an early lead en route to a 9-1 win over Northwest Arkansas on Friday night in front of 4,076 fans at Arvest Ballpark.

The Drillers (44-23) took a 2-0 lead in the top of the first on Chris Newell’s two-out, RBI-single and a bases-loaded walk by Kole Myers. Tulsa snapped a two-game skid.

Naturals manager Brooks Conrad just gave credit to the Drillers for a strong effort.

“You’ve got to tip your cap to the opposing pitching staff,” Conrad said. “They threw great. We had one run in the first, then they blanked us the rest of the game. It wasn’t our lack of effort or lack of preparation. It was just one of those games where we couldn’t get anything going offensively.

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“I think the bright spot was our defense. (Carson) Roccaforte continues to do well. It’s a point now that I see him night in and night out, and it’s to the point I see him every night and it’s just another good night.”

Tulsa, which took advantage of 11 walks by Naturals pitching to go with 12 hits, has already wrapped up the Texas League North Division first-half title. The half ends on Sunday.

Myers added a two-run single in the second, while Zyhir Hope chipped in a run-scoring single and Jake Gelof drew a bases-loaded walk to push the lead to 6-1.

Myers drove in three runs, while center fielder Mike Sirotka finished with three hits, scored a run and drove in one.

Naturals starter Hunter Owens (1-3) allowed six runs on seven hits over two innings of work to absorb the loss. He struck out one and walked four.

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Northwest Arkansas (29-36) got a run in the bottom of the first thanks to a two-out RBI single by shortstop Daniel Vazquez. But the Naturals had a runner thrown out at the plate when Rudy Martin Jr. tried to score from first on Colton Becker’s double.

Despite the back-to-back losses, the Drillers improved to 12-4 in June.

Drillers manager Eric Wedge declined to comment following the game.

Prior to joining the Drillers last year, he had previously spent ten seasons managing at the major league level, including seven years with the Cleveland Indians and three with the Seattle Mariners. His most successful season came in 2007, when he was named the American League Manager of the Year after finishing just one game shy of leading Cleveland to the World Series.

The same two teams continue the series on Saturday evening. First pitch is scheduled for 6:05 p.m. The series concludes on Sunday afternoon at 2:05.

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Naturals 6, Drillers 5 (10 innings)

Martin singled up the middle to drive in the winning run and help Northwest Arkansas outlast Tulsa 6-5 in 10 innings in a game that started an hour late because of a rain delay on Thursday night.

Spencer Nivens started the 10th inning at second base, moved to third on a sacrifice bunt by Vazquez and scored on Martin’s hit.

Northwest Arkansas rallied from an early 4-0 deficit to claim the win. The Drillers scored four times in the top of the second, but the Naturals got three back in the fourth and tied the game on Colton Becker’s RBI triple.

Tulsa bounced right back with a run in the top of the seventh, but again Northwest Arkansas bounced back to tie the game in the eighth. Martin reached on an error and scored on a wild pitch.

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Martin and Vazquez had two hits each. They drove in a run each. Martin scored twice.

Augusto Mendieta (2-2) picked up the win in relief. He tossed two hitless innings of relief, struck out five and walked one.



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Authorities report 2 Tulsa residents found dead in Arkansas from apparent murder-suicide

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Authorities report 2 Tulsa residents found dead in Arkansas from apparent murder-suicide


BENTON COUNTY, Ark. — The Benton County Sheriff’s Office reported two Tulsa residents were found dead in a car parked off an Arkansas highway in what authorities believe is an apparent murder-suicide.

On Wednesday, deputies with the sheriff’s office stated they received a report about a car parked of Old Highway 68 near Siloam Springs with what appeared to be two deceased people inside.

Once authorities reached the scene, they were able to confirm both individuals had passed away.

Following an investigation, the Benton County Sheriff’s Office said they confirmed the individuals in the car were 26-year-old Kena Donshaie Knapper and 5-year-old Tyler Zane Winston from Tulsa, Oklahoma.

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According to the Arkansas State Medical Examiner, Winston’s death was ruled as a homicide while Knapper’s death was ruled a suicide.

At this time, the Arkansas State Crime Laboratory is still completing the final written report in this case.

FOX23 will provide more information in this case as it becomes available.



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One dead in Lepanto drowning incident

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One dead in Lepanto drowning incident


LEPANTO, Ark. – One person is dead after a reported drowning Thursday evening in Lepanto, located in Poinsett County, according to the Lepanto Fire and Rescue.

The fire department says they were called to a possible drowning in the Rivervale area a little after 6 p.m.

When emergency crews arrived, they began search efforts in the water.

During that time, they say the body of an individual was found.

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“We extend our thoughts, prayers, and deepest condolences to the individual’s family and friends,” the Lepanto Fire Department said.

They also thanked the Poinsett County Sheriff’s Office, Marked Tree Fire Department, Lepanto Police Department, Lepanto Dispatch, Pafford EMS, Arkansas Game and Fish, and Poinsett County Coroner’s Office for assisting in the search and recovery efforts.



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