Pro-crypto PAC Fairshake Gains Major Support with $25M Each from Andreessen Horowitz and Ripple
Summary:
Continuing to receive significant support, pro-crypto political action committee (PAC) Fairshake has received major donations from Andreessen Horowitz and Ripple, totaling $25 million each. The donations intend to back candidates from both political parties who advocate for clear crypto regulations and support American entrepreneurs. These contributions coincide with the crypto industry actively seeking bipartisan support in the upcoming U.S. elections. Andreessen Horowitz has a history of supporting the crypto industry, with investments totaling around $7.6 billion since 2013. Currently, Fairshake is speculated to back crypto lawyer John Deaton against Senator Elizabeth Warren, a known crypto critic, in Massachusetts.
The American pro-crypto political action committee (PAC) Fairshake continues to receive substantial support, with noteworthy contributions made within a span of two days. The Andreessen Horowitz crypto and Web3 venture fund, managed by A16z, announced on May 30 a generous donation of $25 million to Fairshake and associated PACs, Defend American Jobs and Protect Progress. This places Andreessen Horowitz almost on par with Ripple, which had donated a similar amount on May 29, elevating its total donation to $50 million for this year and 2023. This latest contribution increases a16z's total donation to $47 million over two years, as per Dixon's tweet. Dixon highlighted that these funds, along with other industry donations, will aid Fairshake in backing candidates from both political parties, with the aim of advocating for American entrepreneurs and pushing for lucid digital asset regulations.
As the U.S. elections in November approach, the crypto industry is keen to secure bipartisan support.
Venture Capital firm Andreessen Horowitz relayed its decision to foray into political engagement in December, with the firm indicating its support for pro-crypto and pro-AI candidates. a16z co-founder Ben Horowitz has voiced that the firm backs "high quality regulation that can ensure both industry growth and consumer protection.”
The firm's investment in the crypto sphere is substantial, having invested around $7.6 billion so far, beginning with an investment in Coinbase in 2013.
Fairshake, still holding a majority of its donations, has reportedly spent $11.3 million up until May 29, as per data obtained from nonprofit Open Secret. Bloomberg reports indicate that the organization has managed to gather contributions amounting to $135 million. Notably, their largest expenditure to date, a hefty $10 million, was utilized for adverse advertising targeting Democratic candidates.
The majority, if not all, of this money was utilized in efforts to defeat U.S. Representative Katie Porter in her bid for a Senate seat in California. Ads against her were largely categorized as “mainly untruthful” by The Sacramento Bee.
It remains to be seen if the super PAC will back crypto lawyer John Deaton in his senatorial race against notable crypto critic Elizabeth Warren in Massachusetts.
While Fairshake spokesperson Josh Vlasto did confirm the contributions of Ripple on May 29 and a16z on May 30 to Cointelegraph, no further comments were made.
Published At
5/30/2024 11:39:19 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.