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Elizabeth Warren Faces Potential Pro-Crypto Challenger for Massachusetts Senate Seat

Last Updated February 20, 2024 12:15 PM
Teuta Franjkovic
Last Updated February 20, 2024 12:15 PM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • Elizabeth Warren warns of potential crypto-backed financial attacks against her and Katie Porter’s Senate campaigns.
  • A SuperPAC’s misleading ads against Porter highlight the murky influence of crypto money in politics.
  • Warren and Porter emphasize reliance on small donations, rejecting corporate PAC money amid crypto scrutiny.

Crypto skeptic Elizabeth Warren raised concerns  that powerful interest groups could potentially deploy unlimited financial resources in efforts to obstruct her bid for re-election to the US Senate.

She also indicated  these groups might employ similar strategies to challenge the Senate campaign of California Representative Katie Porter.

Warren Warns of Crypto-Backed Campaign Attacks Against Her

Warren has expressed concerns  over the possibility of her and Porter’s 2024 election campaigns facing financial onslaughts from “corporate money” linked to cryptocurrency advocates.

Warren discussed potential opposition from Republican crypto enthusiast John Deaton on the Pod Save America podcast.

Known for her critical stance on digital currencies and their association with illegal activities, Warren cautioned that “corporatists” might be willing to invest heavily to support their campaigns’ opponents.

The podcast’s host, Jon Favreau, said :

“Your push to regulate [crypto] has seemingly attracted a potential challenger to you in your Senate race. That could mean a flood of money from crypto Super PACs [Political Action Committees] like the one attacking Katie Porter here in California’s Senate race.”

SuperPAC Attack on Porter for Alleged Donations Deemed Misleading

Jon Favreau’s comments were likely in reference to the activities of Fairshake , a SuperPAC supported by cryptocurrency companies such as Ripple and Coinbase. This group broadcasted an advertisement in February accusing Porter of receiving campaign contributions from big pharma, big oil, and big bank executives.

Fairshake did not immediately respond to a request for comment.

The Sacramento Bee rated  the ad as mostly false for inaccurately portraying the companies as major industry players. In response to these claims, Representative Porter highlighted in a February 14 tweet that corporate special interests are investing millions to misrepresent her record.

Senator Warren clarified that neither her campaign nor Porter’s have taken “corporate PAC money”. In her remarks, she also defended her efforts to enact the Digital Asset Anti-Money Laundering Act (DAAML). She argued against the notion that cryptocurrency is too complex to regulate.

The senator stated :

“There are all these gaps in the system when it comes to crypto, and the consequence of that is that crypto has become the place to go for the drug traffickers, the human traffickers, the rogue nations, the terrorists. There are some crypto folks who have giant buckets of money to spend, and so, they hire this lobbying army to go out [against DAAML].”

https://twitter.com/katieporteroc/status/1757939362598404376

2024 US Elections: A Historic Showdown and Crucial Battles

The 2024 United States elections , scheduled for November 5, will be a pivotal moment with. Not only the presidency, but also all 435 seats in the House of Representatives, and 34 of the 100 Senate seats are up for grabs.

The presidential race could see a rematch between incumbent Democrat President Joe Biden and his Republican predecessor Donald Trump. This election will also coincide with various gubernatorial and state legislative votes.

The election is poised to occur against a backdrop of significant issues. These include the aftermath of the Supreme Court’s decision to overturn Roe v. Wade, healthcare, education, the economy, foreign policy, border security, LGBT rights, NATO, climate change, and the state of democracy itself.

These issues are expected to dominate campaign narratives as candidates from both major parties as well as third-party and independent candidates like Robert F. Kennedy Jr. vie for the highest office in the land. Additionally, the election will be the first following a reapportionment of electoral votes. After this, there will be a subtle shift on the electoral map that could influence the election’s outcome. The primaries leading up to this election have already showcased intense political rivalries within and across parties, setting the stage for a highly contested cycle.​

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