Digital Asset Executives Raise $78 Million to Support Pro-Crypto and Responsible Regulations in 2024

Fairshakes has raised $78 million to fund pro-crypto legislators and support leaders who support blockchain innovation in the United States.

A Dec 18 press release states the firm’s commitment to drive developments and positive policies around the industry after it announced a $78 million fund total in Q4 2023.

Fairshakes, a federal super political action committee (PAC), and its affiliates announced the first round of funds to support US Senate and House candidates across party lines in an attempt to streamline regulations and shape the entire landscape after long periods of uncertainty.

“Embracing the transformative potential of the American crypto community, Fairshake is dedicated to advancing leaders who are poised to champion innovation and navigate the complexities of responsible regulation in the digital age.” 

The group has support from several crypto firms and executives including Andreessen Horowitz, Brian. Armstrong, Blockchain Capital, Circle Ron Conway, Coinbase, Kraken, Jump Crypto, etc.

Erasing bad perceptions of virtual assets

Last year was turbulent for the digital asset market riddled with industry collapses, investor losses, and declining asset prices. The collapse of Terra and Network and the implosion of FTX brought a bad light to the sector among certain regulators and traditional players.

Notably, the activities of former FTX CEO, Sam Bankman-Fried in connection to political donations further contributed to the criticisms blockchain projects faced in recent times, analysts claim.

Several digital asset analysts have also called on executives to increase lobbying strategies to get regulations as the present situation is detrimental to the general market outlook.

Global regulators released multiple guidelines across jurisdictions to protect investors although many have been described as harming the market with several bottleneck policies urging authorities to utilize the input of crypto executives.

Fairshakes noted that the move isn’t anti-regulations but pro-responsible regulations in the United States.

“Fairshake and its affiliates remain steadfast in their mission to support leaders who champion the interests of progressive innovation, including blockchain technology and the crypto industry, through independent advertising efforts. For the blockchain economy to realize its full potential, a clear regulatory and legal framework for success is needed.” 

The uncertain state of regulations in the US led to firms signaling a possible move out of the country with executives calling the present proliferation of lawsuits by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) a bad move for investors in the market.

Companies like Coinbase stressed they will fight their cases vigorously and help clear up domestic regulations. Coinbase also announced international expansion plans flagging countries with clear-cut industry policies and choosing Ireland for its European regional hub.

The Coinbase international expansion continues 🇮🇪

Ireland has been chosen for our EU MiCA hub.

Here’s why 👇 https://t.co/mpc2t2u5EI

— Coinbase 🛡️ (@coinbase) October 19, 2023

Digital asset lobbying spending stands at $18.96 million in the previous three quarters this year, an increase from $16 million spent in the same period last year.