Fairshake, the crypto super political action committee (PAC), has raised $85 million in cash reserves to support political candidates who are favorable to cryptocurrency. The group has received donations from prominent figures and firms in the crypto industry, such as the Winklevoss twins, Coinbase, and Ripple.
Fairshake, the crypto super PAC, has been on a fundraising spree, securing a notable $4.9 million from billionaire twins Cameron Winklevoss and Tyler Winklevoss, the co-founders of Gemini, a crypto exchange and custodian. The donation was disclosed in the latest federal filings submitted to the Federal Election Commission.
In the past, the super PAC has raised funds from venture capitalists like Marc Andreessen and Ben Horowitz, the co-founders of Andreessen Horowitz, a leading venture capital firm that invests in crypto and blockchain projects.
Fairshake raised an additional $6.3 million last month in January from crypto firms like Coinbase Global Inc., the largest US-based crypto exchange, and Ripple Labs, the company behind the XRP cryptocurrency.
This February, the super PAC boasted a hefty $85 million in cash reserves after spending just over $225,000 the previous month. Meanwhile, two affiliated super PACs, Protect Progress and Defend American Jobs PAC, experienced minimal activity, raising no funds and making only minor expenditures.
Together, they closed January with a combined $8 million in cash on hand.
Fairshake’s Mission and Strategy
Fairshake’s mission revolves around influencing regulatory decisions by backing pro-crypto candidates from both major political parties. While the organization acknowledges the importance of regulations promoting transparency and fraud prevention, it opposes excessively restrictive measures that could hinder cryptocurrency trading.
The substantial financial resources amassed by Fairshake are pivotal for the crypto industry, which faces increasing scrutiny from the U.S. government. Furthermore, notable cases involving individuals, like the FTX collapse and crackdown on Binance, have drawn attention from regulatory bodies like the U.S. Securities and Exchange Commission and prompted calls for stricter oversight from congressional members.
Since its launch last year, Fairshake crypto super PAC has managed to raise funds from 20 influential players from the crypto industry. They have also spent over $1 million in TV advertisements while backing a particular group of lawmakers.
Fairshake has allocated a hefty $3.6 million to oppose the Democratic California Senate candidate Katie Porter, marking its largest expenditure in an election campaign to date. Porter is known for her tough stance on crypto regulation and oversight, as well as her criticism of Facebook’s Libra project.
Additionally, the group has invested significant six-figure sums in supporting Representative Patrick McHenry, a Republican from North Carolina, despite his subsequent decision not to seek reelection. McHenry is a vocal advocate for crypto innovation and a member of the House Financial Services Committee.
Fairshake has also thrown its weight behind Representatives Dusty Johnson of South Dakota, a Republican; Josh Gottheimer of New Jersey, a Democrat; and Tom Emmer of Minnesota, also a Republican, as reported by OpenSecrets. These lawmakers are also supportive of crypto-friendly policies and legislation.
