Coinbase, a16z, Ripple and Others Invest $78M in Pro-crypto PAC Ahead of US Elections 2024

With the mass adoption of digital assets in the United States, notable presidential candidates have shown support for the blockchain and crypto asset industries.

The crypto market has faced immense regulatory scrutiny from the current US government led by President Joe Biden. The lack of a clear crypto regulatory framework has left significant room for the United States Securities and Exchange Commission (SEC) and other federal agencies to crack down on web3 companies with decades-old policies. However, the mass adoption of crypto assets and web3 protocols in the United States has pushed politicians seeking re-election seats next year to swing in favor of blockchain technology. Moreover, the United States has been lagging behind other global markets like Europe, the Middle East, and Singapore which have enacted clear crypto regulations and attracted notable investors’ attention.

Crypto Leaders in the US Come Together to Trigger Necessary Changes

The United States is preparing to conduct the general elections on November 5, 2024. As a result, crypto investors and associated leaders have come together to form a movement that will ensure pro-crypto leaders are elected for the United States House of Representatives and the presidency. Notably, crypto companies in the United States led by Coinbase Global Inc (NASDAQ: COIN), Circle Internet Financial, Messari, Ripple Labs, Ark Invest, Paradigm, and  Andreessen Horowitz, among others have come together to form Fairshake, a federal super political action committee (PAC) that is already registered with the Federal Election Commission (FEC).

According to the announcement, Fairshake has managed to raise about $78 million from the members to facilitate campaign contributions to pro-crypto leaders.

“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,” the announcement noted.

According to Ripple’s Chief Executive Officer Brad Garlinghouse now is the time to usher in leaders who will support blockchain technology and the crypto market for the sake of more than 52 million  Americans who are invested in the digital asset space. Moreover, Garlinghouse highlighted that the US SEC has been overarching to regulate the crypto industry, which the courts have demonstrated is not in its jurisdiction.

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With the mass adoption of digital assets in the United States, notable presidential candidates have shown support for the blockchain and crypto asset industries. For instance, former president Donald Trump, a republican candidate, has issued several NFT tokens on different blockchains that sold out very quickly. Independent Presidential candidate Robert Kennedy has advocated for Bitcoin adoption in the United States and argued that the Federal Reserve should not issue a Central Bank Digital Currency (CBDC).

A dozen of Congress aspirants have already shown support for the crypto industry apart from a few like Senator Elizabeth Warren who continues to slam crypto for enabling illicit activities.

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