Coinbase-led political action committee （PAC） Fairshake has raised more funds than any other super PAC in the 2024 US election cycle, reflecting the growing influence of the cryptocurrency industry in politics.
Points
- Fairshake has surpassed all other super PACs in funding for the 2024 US election cycle.
- Top donors include Coinbase, Ripple, and a16z.
- The PAC’s mission is to provide blockchain innovators with a clearer regulatory framework.
Coinbase-led political action committee （PAC） Fairshake has raised more funds than any other super PAC in the 2024 United States election cycle, according to data from campaign finance researcher OpenSecrets. Fairshake’s political expenditures exceed $14 million to date, with significant contributions from top donors like Coinbase, Ripple, and a16z.
Fairshake’s Mission and Impact
Fairshake aims to provide blockchain innovators with the ability to develop their networks under a clearer regulatory and legal framework. This mission is crucial for fostering innovation and ensuring that the cryptocurrency industry can thrive within a supportive and transparent regulatory environment.
Political Expenditures and Campaigns
Fairshake has made substantial political expenditures, including over $10 million spent on successfully contesting Katie Porter’s senatorial campaign in California and more than $2 million contesting Jamaal Bowman’s ongoing House campaign in New York. These expenditures reflect the PAC’s strategic efforts to influence key political races and support candidates who advocate for pro-crypto policies.
Top Fairshake donors include Coinbase, Ripple, and a16z. Source: OpenSecrets
Stand With Crypto Initiative
Coinbase also leads the advocacy group Stand With Crypto, which endorses specific candidates and advocates for pro-industry policies. The group has endorsed candidates in 22 federal House and Senate campaigns, exhibiting a moderate preference for Republicans. Stand With Crypto rates the Financial Innovation and Technology for the 21st Century Act, a crypto bill in the House, as “very pro-crypto.”
Conclusion
The rise of Fairshake as the top-funded super PAC in the 2024 election cycle highlights the growing influence of the cryptocurrency industry in politics. By supporting candidates who advocate for clearer regulatory frameworks and pro-crypto policies, Fairshake aims to ensure a favorable environment for blockchain innovation and the broader adoption of digital assets.
解説
- Fairshake’s significant fundraising efforts underscore the increasing political influence of the cryptocurrency industry and its stakeholders.
- The PAC’s mission to provide a clearer regulatory framework for blockchain innovators is vital for fostering sustainable growth and innovation in the crypto sector.
- Political expenditures targeting key races reflect strategic efforts to support candidates who are likely to advocate for favorable crypto policies.
- The Stand With Crypto initiative complements Fairshake’s efforts by endorsing candidates and promoting pro-crypto legislation, highlighting the coordinated approach to political advocacy within the industry.
- As the 2024 election cycle progresses, the continued engagement and support of the cryptocurrency community will be crucial in shaping the regulatory landscape and ensuring the industry’s long-term success.