Coinbase, Andreessen Horowitz (a16z), Electric Capital, and Ripple have donated tens of millions to the Fairshake Political Action Committee (PAC) with a collective goal of showing support for candidates who are favourable towards the crypto sector ahead of the upcoming U.S. elections.
According to reports by Bloomberg, Coinbase CEO Brian Armstrong contributed $1 million, while Coinbase itself contributed $24.5 million, making up approximately one-third of the PAC’s $85 million funds. Ripple, on the other hand, contributed $20 million to the PAC. Andreessen Horowitz and Electric Capital contributed $20 million and $500,000, respectively.
In December 2023, crypto firms spent nearly $19 million in lobbying efforts alone, bringing a 15.2% increase compared to the previous year. These companies are investing heavily in efforts to shape U.S. crypto regulations. Coinbase led the pack in lobbying over $2.16 million, followed by Foris DAX, the Blockchain Association, and Binance Holdings.
This donation to the Fairshake PAC signals the crypto industry’s eagerness to find allies within the U.S. government. The crypto market’s pursuit of regulatory clarity didn’t just start now. The donation is a part of strategic efforts by stakeholders in the sector to influence the U.S. political landscape and gain regulatory clarity.
Andreessen Horowitz’s head of government affairs, Collin McCune, stressed the importance of supporting “pro-tech” candidates in a post on X in December 2023. According to him, supporting these candidates would create a regulatory environment conducive to both blockchain technology and digital assets.
The crypto sector in the U.S. has been battling government authorities for years to establish clear and favourable regulations for its operations. While U.S. lawmakers have proposed several bills, there is still no definitive legislation specifically tailored to the industry. This uncertainty remains a challenge for the sector as it tries to compete with other markets in other parts of the world.
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