VC firm Andreessen Horowitz (a16z) donated $25 million to Fairshake and related entities, a16z crypto Managing Partner Chris Dixon said on May 30.
Dixon said the donation would help Fairshake support bipartisan US candidates, promote entrepreneurship, and advance clear rules for digital assets.
He added:
“…we need to keep up the momentum and show that the U.S. can lead in creating the next wave of blockchain innovation.”
The transaction is not listed on the Federal Election Commission (FEC) website. A report from Bloomberg states that the company confirmed Dixon's original announcement.
The latest donation brings a16z's total FairShake donation to $47 million, following a previous donation estimated at $20 million. Company founders Ben Horowitz and Marc Andreessen personally donated $9.5 million each to Fairshake in 2023.
Crypto political issue
Crypto has become an election issue in the US amidst the latest donations.
Republican presidential candidate Donald Trump recently declared himself “positive and open-minded to cryptocurrency companies” and began to accept crypto donations for his campaign.
Meanwhile, the Biden administration is seeking help from the crypto industry to revamp its policy for the digital asset industry. The change represents a shift from the Democratic Party's past strategy, defined by enforcement efforts from Gary Gensler's SEC and restrictive legislation proposals such as Elizabeth Warren's Digital Anti-Money Laundering Act.
Despite party lines, certain developments have seen bipartisan support, such as a recent House vote on the Financial Innovation and Technology for the 21st Century Act (FIT21).
Fairshake's support of members of both parties, notably including Republican Rep. Dusty Johnson and Democratic Rep. Josh Gottheimer, provides another bipartisan means of supporting crypto.
Fairshake has raised $93 million to date
Fairshake raised nearly $92.9 million during 2023 and 2024.
On May 29, Ripple announced a $25 million donation to Fairshake, bringing its total donation to $50 million and urging for supportive crypto regulation.
Other donors include Kraken parent Payward Inc., Gemini founders Cameron and Tyler Winklevoss, Coinbase, Circle, Ark Invest, and related individuals.
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