The crypto industry is making a major push to support pro-crypto political candidates in the upcoming 2024 elections. Fairshake, a political action committee (PAC), has raised a record $78 million through donations from prominent crypto companies and individuals.
Focus on Responsible Regulation
The PAC aims to promote leaders who will encourage innovation while overseeing responsible regulation in the digital asset space. According to a press release, donations came from companies like Coinbase, Circle, and Ripple as well as their CEOs.
Ripple CEO Brad Garlinghouse criticized the “regulatory overreach” by U.S. regulators like the SEC. He called for supporting leaders who will implement “balanced and supportive” crypto regulations focusing on “transparency, innovation and compliance.”
Chris Dixon from Andreessen Horowitz said the firm plans to contribute to the Fairshake PAC, noting there is a debate in Washington about blockchain technologies and the need for “sensible regulation that fosters innovation while reining in bad actors.”
Funds Will Go Towards Campaign Advertising
Fairshake has already spent $1.2 million on television advertising campaigns to support pro-crypto candidates ahead of the 2024 elections, according to Politico. The fundraising announcement signals that the crypto industry is stepping up its political efforts to shape regulation in its favor.