Crypto Industry Forms $78 Million PAC to Back Pro-Crypto Candidates in 2024

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Fairshake: A New Force in US Politics

A new political action committee (PAC) called Fairshake has emerged as a powerful force in the upcoming 2024 US elections, with the backing of some of the biggest names in the crypto industry.

Fairshake, which was officially registered with the Federal Election Commission (FEC) on January 15, 2024, has raised $78 million from contributors such as Coinbase, Ripple, Circle, Messari, Ark Invest, Paradigm, and Andreessen Horowitz (a16z).

The PAC aims to support candidates who advocate for American crypto and blockchain innovation, as well as responsible regulation, in the face of regulatory uncertainty and scrutiny from the current US government.

According to its website, Fairshake’s mission is to “ensure that the United States does not fall behind other global markets that have enacted clear crypto regulations and attracted notable investors’ attention.”

Pro-Crypto Candidates in the Spotlight

Some of the presidential candidates who have shown support for the crypto industry include Andrew Yang, Ted Cruz, and Cynthia Lummis. Yang, who ran for president in 2020 as a Democrat, has been vocal about his pro-crypto stance and has proposed creating a national framework for crypto regulation. Cruz, a Republican senator from Texas, has also expressed his support for crypto innovation and has criticized the Biden administration’s attempts to impose stricter rules on the sector. Lummis, a Republican senator from Wyoming, has been a long-time advocate for crypto and has co-sponsored several bills to promote the adoption and development of digital assets.

Fairshake’s spokesperson, Ryan Selkis, who is also the founder and CEO of Messari, a crypto data and research platform, said that the PAC is not aligned with any specific party or ideology, but rather with the vision of a more open, decentralized, and innovative future powered by crypto.

“We believe that crypto is not only a technology, but also a movement that can transform the world for the better. We want to make sure that the US does not miss this opportunity and that we have leaders who understand and embrace the potential of crypto,” Selkis said.

Crypto Industry Becomes More Organized and Assertive

Fairshake is not the first PAC to emerge from the crypto industry, but it is certainly the largest and most influential one so far. In 2018, Coinbase formed its own PAC, which raised about $81,000 and donated to four candidates, two from each party. In 2020, the Blockchain Association, a trade group representing crypto companies, launched its own PAC, which raised about $32,000 and donated to six candidates, four Democrats and two Republicans.

However, Fairshake’s fundraising prowess and star-studded roster of contributors indicate that the crypto industry is becoming more organized and assertive in its political engagement, as it faces increasing challenges and opportunities in the US and abroad.

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