Pro-Crypto Super PAC Fairshake Raises $78 Million Ahead of 2024 US Elections

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December 18, 2023 14:12 EST

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Fairshake has raised $78 million to support “pro-crypto” candidates in the forthcoming 2024 US elections.

The political action committee announced in a press release published Monday that it had received donations from prominent crypto companies and individuals, including Coinbase and its CEO Brian Armstrong, Ripple, Circle, and more.

“Embracing the transformative potential of the American crypto community, Fairshake is dedicated to advancing leaders who are poised to champion innovation and navigate the complexities of responsible regulation in the digital age,” the PAC said in its press release.

In a repost of an article about the fundraise on X, Ripple CEO Brad Garlinghouse criticized regulatory overreach in the country. He added that Ripple intends to take a proactive stance by supporting candidates advocating for balanced and supportive regulations within the crypto industry in 2024.

“Regulatory overreach (esp from the SEC) is actively moving the U.S. in the wrong direction, and other countries are taking full advantage of the lack of US leadership,” Garlinghouse wrote. “We need to advance leaders who will champion innovation and spearhead paths towards responsible regulation.”

The Ripple CEO further emphasized the importance of fostering initiatives within the industry that endorse “transparency, innovation, and a compliance-first approach.”

Chris Dixon, founder and managing director of Andreessen Horowitz (a16z), also revealed that the firm plans to make contributions to the Fairshake PAC in 2024.

“There is a battle in Washington about the future of blockchain technologies: Certain policymakers believe it should be banned, while other people think it should have no guardrails,” Dixon wrote. “Neither of those options will allow the technology to reach its full potential and realign the future of the Internet away from Big Tech to the people who use it.”

Dixon noted that the coalition’s objective is to raise funds to bolster the Fairshake PAC. Their aim is to contribute to the advancement of “clear rules of the road” that would not only support technological innovation but also address and eliminate bad actors within the industry.

As reported by Politico, the Fairshake PAC has already allocated $1.2 million towards television advertising campaigns in the United States.