- Major cryptocurrency firms and investors have formed a political action committee (PAC) called Fairshake that has already raised $78 million to support pro-crypto candidates in the 2024 US elections.
- Contributors include Ripple, Coinbase, the Winklevoss twins, Circle, Kraken, Messari, and Andreessen Horowitz. They aim to counter excessive regulation and allow crypto innovation.
- The PAC plans to spend its funds on advertising and initiatives to propel pro-blockchain candidates in 2024. It has already spent $12 million on TV campaigns.
Major cryptocurrency firms and investors have formed a political action committee (PAC) to support pro-crypto candidates in the 2024 US elections. The PAC, called Fairshake, has already raised $78 million from prominent industry players.
Contributors to the PAC
The Fairshake PAC has received contributions from:
- Ripple, led by CEO Brad Garlinghouse
- Coinbase, led by CEO Brian Armstrong
- Tyler and Cameron Winklevoss
- Andreessen Horowitz (a16z), led by Chris Dixon
These companies and individuals have pledged a total of $78 million so far. The funds will go towards supporting political candidates who champion pro-crypto policies and balanced regulation of the blockchain industry.
Motivations Behind the PAC
According to the contributors, the PAC aims to counter excessive regulation and allow the American crypto sector to innovate and grow responsibly.
Ripple CEO Brad Garlinghouse stated that regulatory overreach is hindering crypto innovation in the US. Other countries are taking advantage of the lack of clear leadership in America, he said.
Andreessen Horowitz founder Chris Dixon said the PAC wants to advance regulation that balances consumer protection with allowing new technologies like crypto to flourish.
The Fairshake PAC plans to spend its war chest on advertising and initiatives to propel pro-blockchain candidates in the 2024 elections.
According to reports, it has already spent $12 million on TV campaigns. The PAC aims to raise even more funds in the coming months to support crypto-friendly political leaders.