Fairshake PAC, dedicated to electing crypto-friendly candidates and advancing transparent regulatory guidelines in the U.S., has unveiled a significant achievement in its end-of-year report. With an impressive war chest exceeding $85 million, this signals a substantial move by the crypto industry to influence the 2024 election cycle, steering away from the challenges faced in 2022, including the collapse of FTX.
In its pursuit of the 2024 goal to secure seats for crypto-friendly candidates in Congress, Fairshake PAC has garnered substantial support from major players in the crypto ecosystem. Notably, the founding partners of a16z, Marc Andreessen, and Ben Horowitz, have underscored their commitment with a generous contribution of $19 million.
It’s a beautiful day on Capitol Hill!
We are excited to host Massachusetts-based founders as they share stories with their elected representatives about how they are driving innovation within their districts.
It’s important that our legislators know why we #StandWithCrypto. pic.twitter.com/ADvCkz36OF
— Stand With Crypto
(@standwithcrypto) January 17, 2024
Adding to this momentum, Coinbase, led by CEO Brian Armstrong, has made significant contributions totaling $21.5 million, including a noteworthy $15.5 million donation in the stablecoin USDC. Ripple Labs, having recently claimed partial victory against the U.S. Securities and Exchange Commission, joins the league of influential donors with a substantial contribution of $20 million.
Team @Ripple is putting a stake in the ground, leading the charge with other industry leaders to support pro-innovation and pro-crypto candidates in the 2024 US election cycle. The US cannot afford to continue taking a back seat on the global stage.
Regulatory overreach (esp from… https://t.co/hpkqNf7Y99— Brad Garlinghouse (@bgarlinghouse) December 18, 2023
In tandem with these developments, recent revelations from federal campaign finance data, analyzed by OpenSecrets, highlight the crypto industry’s active involvement. During the 2022 election cycle, the industry contributed $2.3 million to the campaigns and leadership PACs of members of the 118th Congress.
While Jump Crypto, ARK Invest, the Winklevoss twins, and other contributors have played their part, Fairshake PAC maintains a singular focus on supporting candidates committed to positioning the United States as a hub for innovation in the evolving internet landscape. The committee’s objective is clear – advocating for a more transparent regulatory and legal framework, as articulated on its website. The substantial financial backing received reflects a coordinated effort within the crypto industry to actively shape the political future in alignment with its interests.
