🌎 Pro-Crypto PAC Fairshake Surpasses Major Super PACs with $203M Raised

Fairshake has emerged as a significant player in this election cycle, raising over $203 million this year, surpassing notable super PACs like Make America Great Again Inc.

This substantial influx of funds towards a pro-crypto PAC highlights the significant influence of cryptocurrency on U.S. politics. Compared to other super PACs, Fairshake’s financial resources are notable and continue to grow. For instance, the Senate Majority PAC, supporting Democratic Senate campaigns, has raised $167 million, while Make America Great Again Inc., backing former President Donald Trump, has accumulated $201 million.

Fairshake’s substantial fundraising efforts emphasize the increasing influence of the crypto industry in U.S. politics. As of July 23, Fairshake had over $1.19 million in cash available for spending on crypto policy and political donations.

Fairshake’s Strategic Goals

Fairshake has clear strategic objectives: to oppose regulatory actions deemed unfriendly to crypto and to advocate for a supportive environment for digital and crypto innovation. Over a dozen crypto firms founded Fairshake, making it a leading political action committee in the sector.

Prominent contributors include crypto exchange Coinbase, venture firms Andreessen Horowitz and Electric Capital, and Ripple. These entities have collectively contributed tens of millions of dollars to Fairshake to influence U.S. policymakers and support crypto-friendly candidates. The majority of its $160 million in contributions comes from Ripple, Andreessen Horowitz, Coinbase, and Jump Crypto. In February, Tyler and Cameron Winklevoss, the founders of Gemini Exchange, donated $4.9 million to Fairshake.

Fairshake’s Power and Implications

With Fairshake’s financial backing, pro-crypto lawmakers can push for legislation, regulations, and policies favoring the crypto industry. This has already been evidenced this spring with the passing of the FIT21 bill. This influx of crypto money into the government shifts political power dynamics, giving candidates and lawmakers supporting crypto more influence.

Financial support from crypto PACs may impact the general election and lead to policies aligning with the crypto industry’s goals.

Understanding PACs and Super PACs

A PAC, or Political Action Committee, is a group that collects and utilizes funds to support or oppose political candidates. PACs follow specific donation restrictions and reporting regulations and operate within strict contribution limits from both individuals and entities. They can also contribute directly to candidates’ campaigns.

On the other hand, super PACs have the ability to raise and spend unlimited sums of money but are not allowed to coordinate directly with candidates or political parties.