- Super PAC Fairshake has recently completed its first round of investments to support politicians who are friendly towards cryptocurrencies.
- Notable participants in this round include Ripple Labs, Coinbase, Kraken, Circle, and others.
Super PAC Fairshake has successfully raised $78 million from digital asset counterparties and investors. These funds will be used to back pro-cryptocurrency candidates in the upcoming US Congress elections in 2024.
A Super PAC is an organization that is not directly affiliated with any political party or individual candidate. However, by law, it has the ability to spend unlimited amounts of money to support specific participants in the race.
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Fairshake has received funds from the following digital asset counterparties:
- a16z
- Ark Invest
- Blockchain Capital
- Wences Casares
- Circle
- Coinbase
- Cumberland
- Framework Ventures
- Hunter Horsley
- Jump Crypto
- Kraken
- Lightspark
- Messari
- Multicoin Capital
- Paradigm
- Potter Ventures
- Ripple Labs
Additionally, several individual investors have participated in the initiative including Coinbase CEO Brian Armstrong, philanthropist Ron Conway, and the Winklevoss twins.
“Fairshake and its subsidiaries remain committed to their mission of supporting leaders who champion progressive innovation, including blockchain technology and the crypto industry, through independent promotional efforts,” said the organization in a statement.
Two other similar organizations, Protect Progress and Defend American Job, are subsidiaries of the super-committee. The 2024 congressional elections are set to commence on November 5.
Brad Garlinghouse, CEO of Ripple Labs, shared his thoughts on the matter:
“The United States cannot afford to be left behind on the global stage. Excessive regulations, particularly from the SEC, are actively pushing the country in the wrong direction, allowing other nations to take advantage. We need leaders who will champion innovation and promote responsible regulation.”
It’s worth noting that Ripple Labs recently achieved a partial victory in their legal battle with the US Securities and Exchange Commission (SEC), with the court ruling that the retail sale of XRP does not violate securities laws.
Unfortunately, Fairshake’s press release did not disclose which politicians will receive funding from the committee. According to Securities.io, some of the current members of Congress who support crypto assets include Cynthia Lummis, Tom Emmer, French Hill, Patrick McHenry, and Ted Cruz. It is likely that most of them will seek support from Fairshake.
In September 2022, Coinbase introduced a new service allowing users to track crypto-friendly candidates for each district. In March 2023, the exchange announced its plans to support nominees who advocate for the establishment of a fair regulatory framework in the crypto industry.