Crypto Candidate in Arizona Is Winning (So Far) Despite Sen. Warren's Headwinds

As a seasoned political analyst with over two decades of experience, I’ve seen my fair share of campaigns influenced by various industry sectors. However, the recent developments in Arizona’s congressional primary between Yassamin Ansari and Raquel Terán have caught my attention like never before.

As someone who has closely followed the rapid growth of the cryptocurrency industry and its impact on various political landscapes, I find it intriguing to see how financial contributions from this sector can potentially sway election outcomes, even in a local race like the recent Arizona congressional primary.

In the Democratic race between Ansari and Terán, who were both backed by crypto critic Warren, the difference in votes has shrunk to just 67 after last week’s election in their state. Ansari initially held a lead, but it has been narrowing each time new batches of votes were counted. There are approximately 2,089 ballots left to count from Maricopa County, which encompasses the 3rd district, and the current vote margin of less than 0.2% in Arizona’s 3rd Congressional District is significantly below the 0.5% threshold that triggers an automatic recount.

If Ansari wins the initial count, it’s probable that an official recount would still be required to confirm her victory.

In the campaign for Ansari, it was reported by a PAC representative that around $1.4 million was spent on Political Action Committee funds, either backing Ansari or opposing Terán. Notably, Ansari, who has advocated for a pro-crypto stance in a recent letter to the Democratic National Committee, currently leads Terán with approximately 44.6% of the votes cast so far, with Terán trailing slightly behind at 44.5%. This district typically leans Democrat in November’s general elections.

The Fairshake Political Action Committee (PAC) and its associates often buy ads that back candidates who are friendly towards their industry, without seeking approval from these candidates. This PAC has rapidly grown into one of the nation’s largest. Their method of “independent expenditures” enables sectors like crypto and others to invest unlimited funds in political elections, under U.S. campaign finance regulations. In Ansari’s situation, the spending equated to approximately $74 for each vote she received.

Josh Vlasto, a representative from Fairshake, chose not to provide comments regarding the Arizona race as the final results have yet to be announced officially.

In their own fundraising efforts, Ansari garnered approximately $1.9 million in direct donations, as revealed by Federal Election Commission disclosures. This could imply that Fairshake’s comparable spending might have played a substantial role in the contest. However, whether it did or not, Ansari’s rival criticized him for accepting funds from crypto interests outside of his campaign. This criticism encompassed ads from a PAC linked to Fairshake and direct donations from Cameron and Tyler Winklevoss. Despite some April polling indicating Terán was ahead, the tight race currently leans in favor of Ansari.

In previous political contests, such as Shomari Figure’s victory in Alabama and Rep. Katie Porter’s (D-Calif.) primary loss in the Senate, concerns about cryptocurrency support have surfaced as a debated topic. However, it seems that voters haven’t been swayed by fears regarding crypto sector manipulation.

Crypto Candidate in Arizona Is Winning (So Far) Despite Sen. Warren's Headwinds

In Arizona, too, the industry suffered two defeats for the candidates that Fairshake’s Political Action Committees (PACs) backed. The PAC chose to support Andrei Cherny in the Democratic primary for the 1st District, but he ended up finishing second in a competitive race. Additionally, they invested nearly $600,000 on Republican Blake Masters in the contest for the 8th Congressional District seat, where Masters also placed second among multiple candidates.

So far this year, over 20 candidates with digital asset interests have won their primary elections, possibly including Ansari. Although crypto laws haven’t been passed by the current Congress, next year might bring a greater number of potential allies to the cause in both the House of Representatives and Senate.

As a crypto investor, I’m closely watching as the U.S. congressional primaries are wrapping up, with the final states concluding this week. This means that the influential PAC within the booming cryptocurrency industry will soon redirect its focus towards the general election. Unfortunately, Vlasto remains tight-lipped about Fairshake’s plans leading up to November.

2024-08-05 18:56

Crypto Candidate in Arizona Is Winning (So Far) Despite Sen. Warren’s Headwinds

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