Ripple's $25 Million Boosts Fairshake, the Richest Crypto-Friendly Super PAC of 2024 Election
Summary:
The cryptocurrency-friendly super political action committee (PAC), Fairshake, has received a $25 million donation from Ripple, making it the wealthiest nonpartisan super PAC in the 2024 election cycle. Ripple's CEO, Brad Garlinghouse, stated this contribution is part of Ripple's effort to educate voters about cryptocurrency's future role. Fairshake supports candidates who prioritize the US as a hub for internet innovation and has reputedly spent the majority of its funds opposing Democratic candidates while favouring Republicans. Meanwhile, cryptocurrency exchange Coinbase has its own PAC, Stand with Crypto, which also contributes to Fairshake.
The United States-based, crypto-friendly super political action committee (PAC), Fairshake, has received a generous donation of $25 million from Ripple, significantly boosting its resources. As of the 2024 election cycle, Fairshake ranks as the wealthiest nonpartisan super PAC and the third wealthiest overall with funds raised ranging from $102 million to $110 million, according to various reports. This is not Ripple's first significant contribution to Fairshake, with a similar donation made in 2023. Ripple's CEO, Brad Garlinghouse, expressed in a statement that their continued financial support of Fairshake reflects Ripple's commitment to educate voters on the future significance of crypto and the risks grasped by the anti-crypto stance of some policymakers in Washington.
While Fairshake declares its support for candidates who prioritize the United States as the breeding ground for internet innovation, it's evident that their focus leans heavily towards cryptocurrencies. The super PAC's list of contributors is composed primarily of notable figures in the cryptocurrency sector. Fairshake's donors, at the time of reporting, include well-known personalities like former Bitfinex executive Phil Potter, Fred Ersham and Matt Huang of Paradigm, Wences Casares of Xapo Bank, executives of Electric Capital, a16z-supported Lightspark Group, and Cathie Wood’s ARK Invest, among others.
Politicians backed by Fairshake include Patrick McHenry, Dusty Johnson, Wiley Nickel and many more. Notably, they opposed the campaign of California progressive Katie Porter.
Open Secret's data, not yet updated to include Ripple's recent donation, suggests that Fairshake is likely to spend a large portion of its funding to oppose Democratic candidates while not opposing any Republicans. In terms of specific spending, Fairshake has allocated $629,646 in support of Democrats and $551,675 in support of Republicans. As a super PAC, it's prevented from making direct donations or coordinating activities with candidates.
Cryptocurrency exchange, Coinbase, created its own PAC, Stand with Crypto, which contributes to Fairshake independently. Stand with Crypto operates with a more grassroots ethos, amassing a minimum of $87.2 million from an estimated 860,000 members. Its largest donation of $1 million came from MoonPay, with the second-largest contribution amounting to $20,000.
Published At
5/29/2024 8:48:58 PM
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