Some cryptocurrency companies, including Ripple, Coinbase, and a16z, intend to support pro-crypto candidates during the 2024 U.S. election cycle and have contributed $78M to support the Fairshake political action committee (PAC).
Brad Garlinghouse, the chief executive officer of Ripple, has declared publicly that the organization will support “pro-crypto” candidates in the United States election 2024. A collective of organizations, including the company in question, has contributed $78 million to support the Fairshake political action committee (PAC).
Fairshake declared that prominent industry actors and firms had contributed to a substantial “war chest” to support candidates in the upcoming 2024 elections who support responsible regulation and crypto and blockchain innovation in the United States.
Brian Armstrong, the chief executive officer of Coinbase, Tyler and Cameron Winklevoss, Circle, Kraken, Messari, and Andreessen Horowitz are among the notable individuals featured on the list (a16z).
Garlinghouse condemned regulatory overreach in the country on X (formerly Twitter) and stated that Ripple and other industry executives would “lead the charge” in 2024 to support candidates lobbying for complementary regulation of the industry.
The chief executive officer of Ripple further stated that the sector must support initiatives that advance “transparency, innovation, and a compliance-first approach.”
Over the past two years, cryptocurrency companies operating in the United States have encountered significant challenges from regulatory bodies. In particular, industry participants have harshly criticized the Securities and Exchange Commission (SEC) for its “regulate-by-enforcement” methodology.
In 2023, the securities regulator initiated distinct legal actions against Coinbase and Binance.US, holding both companies accountable for purported violations of the securities offering regulation.
Chris Dixon, managing director and founder of Andreessen Horowitz (a16z), also declared that the firm would contribute to the Fairshake PAC in 2024. The objective of the PAC is to elect leaders who “champion thoughtful crypto regulation” while defending the interests of consumers.
“There exists a contentious debate in Washington regarding the prospective trajectory of blockchain technologies: some policymakers advocate for their prohibition, whereas others contend for the absence of any regulatory constraints.”
Dixon wrote, “Neither of these alternatives will enable the technology to reach its full potential or realign the future of the Internet from Big Tech to its users.”
According to the founder of a16z, the coalition’s objective will be to raise funds to support the PAC and promote “clear rules of the road” that facilitate technological innovation and weed out malicious actors.
Politico reports that the Fairshake PAC has already allocated $1.2 million toward television advertising initiatives within the United States.
