Crypto PAC Fairshake Gains Financial Momentum Ahead of 2024 Elections

Crypto-focused Political Action Committee (PAC) Fairshake is receiving significant financial backing as the US gears up for the next presidential race. Major players in the crypto industry are rallying behind the PAC to ensure their interests are represented in upcoming elections.

Industry Giants Unite for Influence

According to CNBC, leading crypto companies, including Ripple, Coinbase, and venture capital firm Andreessen Horowitz (a16z), are collaborating to influence the 2024 election outcomes. Their collective donations have enabled Fairshake to raise an impressive $160 million by the end of May.

Coinbase’s chief policy officer, Faryar Shirzad, emphasized the importance of this unity, stating, “We made a funny realization which was that the only way we were going to get politics out of crypto was to build a political operation that leveled the playing field and allowed the tens of millions of Americans who own crypto to be a part of the process.”

Fairshake’s strategy does not involve direct participation in the presidential election. Instead, it focuses on supporting candidates for the House and Senate. This bipartisan approach aims to influence legislative decisions in favor of the crypto industry. Earlier this month, Coinbase announced a $25 million donation to Fairshake SuperPAC to help elect pro-crypto politicians. Ripple and Andreessen Horowitz have also contributed $25 million each to the cause.