What's happened
Cryptocurrency industry leaders are funding a super PAC to prevent Rep. Katie Porter from advancing in the California Senate primary.
Why it matters
The significant financial backing from the cryptocurrency industry for a super PAC to oppose a specific political candidate is noteworthy and could impact the outcome of the California Senate primary.
What the papers say
Axios reports that the super PAC Fairshake, backed by cryptocurrency industry leaders, has spent millions in the primary to prevent the progressive Porter from advancing. Business Insider UK highlights that the Winklevoss twins have given $4.9 million to Fairshake, and the super PAC has also raised millions from other cryptocurrency firms and industry figures. TechCrunch and Business Insider UK discuss the financial success of Coinbase, the U.S.'s largest centralized crypto exchange, and its plans to leverage its work with the USDC stablecoin and layer-2 blockchain Base.
How we got here
The cryptocurrency industry has been increasingly involved in political activities, with significant financial contributions to a super PAC aimed at influencing the outcome of the California Senate primary.
More on these topics
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An exchange-traded fund is a type of investment fund and exchange-traded product, meaning that that is traded on stock exchanges, much like other securities such as stocks.
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Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software.
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Coinbase is a digital currency exchange headquartered in San Francisco, California. They broker exchanges of Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Tezos, and many others, with fiat currencies in approximately 32 countries, and bitco
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Katherine Moore Porter is an American law professor, attorney and politician serving as the U.S. Representative for California's 45th congressional district since 2019.