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Fairshake Super PAC Raises $78M to Support Crypto Candidates in 2024 U.S. Election
The group has support from a16z, Ark, Circle, Ripple, Coinbase and more.
Updated May 9, 2024, 5:11 p.m. Published Dec 18, 2023, 1:44 p.m.
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Fairshake, a super political action committee (PAC), has raised $78 million to support leaders who endorse crypto and blockchain in the forthcoming U.S. presidential election, according to a press release on Monday.
The group, which also relied on affiliated super PACs to raise the money, has support from venture capital firm Andreessen Horowitz (a16z), ARK Invest and crypto companies Circle, Ripple, Coinbase (COIN) and more.
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Fairshake is a Super PAC, which wants to help steer the next U.S. election by raising money to advocate for political candidates. Fairshake’s mission is to support leaders who champion the innovation of blockchain and crypto. Super PACs are prohibited from sending money directly to political candidates.
The next U.S. presidential election is imminent, and many in the crypto sector have been calling for new bespoke rules for the crypto industry or to add more clarity. The U.S. Securities and Exchange Commission (SEC) recently shut down crypto exchange Coinbase’s formal petition for bespoke rules for the sector, saying they were “unwarranted.”
Some political candidates, such as Republicans – entrepreneur Vivek Ramaswamy and former Arkansas Gov. Asa Hutchinson – and Democrat Rep. Dean Phillips, are calling for the SEC’s powers to be curtailed and for specific rules to surface.
“In order for the blockchain economy to realize its full potential, a clear regulatory and legal framework for success is needed,” the Fairshake release said.
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Ripple's Brad Garlinghouse says CLARITY bill has '90% chance' of passing by April
The bill would clarify which digital assets fall under securities law versus Commodity Futures Trading Commission oversight.
What to know:
- Ripple CEO Brad Garlinghouse said he now sees a 90 percent chance that the long-debated Clarity Act will pass by the end of April, citing renewed momentum in Washington.
- The bill would clarify which digital assets fall under securities law versus Commodity Futures Trading Commission oversight, addressing long-standing regulatory uncertainty that Garlinghouse says has weighed on innovation.
- Ripple, which has spent nearly $3 billion on acquisitions since 2023 and is now pausing major deals to focus on integration, argues that both crypto firms and traditional financial institutions increasingly want clear rules as attitudes toward digital assets shift.
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