Crypto industry quietly powers negative campaign ads in Illinois
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Political attack ads are taking on a different energy this primary cycle, thanks to big bucks from national super PACs backing cryptocurrency.
Why it matters: The surge of attack ads is turning Illinois' primary increasingly negative, even when the attacks are unrelated to digital currency.
The big picture: The Fairshake political action committee (PAC) is a pro-crypto lobbying group that targets congressional candidates who may favor stringent regulations on cryptocurrency and other digital banking policies.
- Contributors include crypto firms Coinbase and Ripple, and venture capital firm Andreessen Horowitz.
- Heading into the midterms, Fairshake's war chest stands at nearly $200 million.
- That's nearly $60 million more than the PAC had in 2024.
Zoom in: With several Illinois congressional races expected to be competitive, Fairshake is spending heavily to weaken candidates it believes could oppose crypto-friendly legislation.
State of play: Since 2024, in which Fairshake-backed candidates won by overwhelming margins, lawmakers have passed a major stablecoin bill and confirmed industry-friendly regulators to key posts, including the Securities and Exchange Commission.
Yes, but: This cycle, Fairshake's ads in Illinois don't mention cryptocurrency.
- Instead, one commercial links Democratic Senate candidate Juliana Stratton to convicted former House Speaker Mike Madigan.
- Another highlights a 2014 tax fraud settlement involving 7th Congressional District candidate LaShawn Ford.
Between the lines: The Stratton campaign has seized on the spending to attack opponent Raja Krishnamoorthi, accusing him of benefiting from a "MAGA super PAC."
- "Right now, there have been over $7 million in reservations made across the state against Juliana by Fairshake," a Stratton spokesperson tells Axios. "It is their largest investment in any race across the country."
Reality check: Fairshake is not backing Krishnamoorthi. The group doesn't formally support candidates; instead, it's targeting those it views as unfriendly to the crypto industry.
- Every ad ends with the disclaimer: "Fairshake is responsible for the content of this ad."
What they're saying: "People with money, they want the political outcomes so they're willing to run ads on whatever they need to to achieve those outcomes, which usually is not the issue that they're really primarily focused on," Northwestern law professor Michael Kang tells Axios.
- "I think people are worried about super PACs because they're not accountable, and as a result, their ads tend to be much more negative," Kang adds.
By the numbers: Fairshake has spent hundreds of thousands on Chicago media buys this cycle, airing ads on local television stations such as Fox 32 and ABC 7.
- In some cases, the entire commercial break is filled with political ads, including several produced by Fairshake.
The bottom line: Crypto cash is quietly shaping the tone of Illinois' primaries.
We reached out to Fairshake for comment, but they did not respond.