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Fairshake Super PAC Raises $78M to Support Crypto Candidates in 2024 U.S. Election
The group has support from a16z, Ark, Circle, Ripple, Coinbase and more.
Fairshake, a super political action committee (PAC), has raised $78 million to support leaders who endorse crypto and blockchain in the forthcoming U.S. presidential election, according to a press release on Monday.
The group, which also relied on affiliated super PACs to raise the money, has support from venture capital firm Andreessen Horowitz (a16z), ARK Invest and crypto companies Circle, Ripple, Coinbase (COIN) and more.
STORY CONTINUES BELOW
Fairshake is a Super PAC, which wants to help steer the next U.S. election by raising money to advocate for political candidates. Fairshake’s mission is to support leaders who champion the innovation of blockchain and crypto. Super PACs are prohibited from sending money directly to political candidates.
The next U.S. presidential election is imminent, and many in the crypto sector have been calling for new bespoke rules for the crypto industry or to add more clarity. The U.S. Securities and Exchange Commission (SEC) recently shut down crypto exchange Coinbase’s formal petition for bespoke rules for the sector, saying they were “unwarranted.”
Some political candidates, such as Republicans – entrepreneur Vivek Ramaswamy and former Arkansas Gov. Asa Hutchinson – and Democrat Rep. Dean Phillips, are calling for the SEC’s powers to be curtailed and for specific rules to surface.
“In order for the blockchain economy to realize its full potential, a clear regulatory and legal framework for success is needed,” the Fairshake release said.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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