How cryptocurrency executives helped decide the California Senate primary

On the afternoon before election day, a group called Stand With Crypto hosted a get-out-the-vote rally for crypto owners in Los Angeles. A line stretched around the block on Hollywood’s Walk of Fame outside the Bourbon Room bar for an event headlined by the rapper Nas, who was an early investor in Coinbase.

Inside, as guests ate sliders and drank Sofia Coppola wine, Armstrong told the crowd that they needed to vote to send a “very clear message” for the November election that “you’ve got to understand innovation, you’ve got to be pro-tech, pro-innovation, pro-crypto, to get elected and be representing our values in California.”

Armstrong didn’t name any California Senate candidates, instead directing voters to a guide prepared by Stand With Crypto, which, as a political 501(c)4 nonprofit organization, is not required to disclose its donors. The guide described Schiff as “strongly supportive” of crypto and Porter as “strongly against.” Garvey and Rep. Barbara Lee of Oakland, the other candidates in the race, are listed as “pending,” with a question mark icon.

Porter’s “F” rating cited three references, including a post on X, formerly Twitter, in which she called Fairshake’s backers “ shadowy crypto billionaires “ because of their ad campaign against her, as well as her signature on a 2022 letter that Warren sent to the Texas power grid authority, questioning its practice of paying crypto mining businesses to shut off power during peak periods. Some companies reported earning more from the payments than from their mining operations, Warren wrote.

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