Coinbase and a16z lead $78 million Fairshake fund to shape 2026 midterm elections Coinbase and a16z lead $78 million Fairshake fund to shape 2026 midterm elections
Fairshake champions bipartisan approach to drive innovation and job creation in US crypto sector.
2 min read
Updated: Nov. 4, 2024 at 4:01 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Fairshake, a nonpartisan super PAC focused on crypto interests in US politics, has successfully raised $78 million to support candidates who advocate for American blockchain and crypto innovation, according to a Nov. 4 statement shared with CryptoSlate.
The funding includes over $30 million currently available and an additional $48 million in new commitments. Among the notable contributors, Coinbase has pledged $25 million, while Andreessen Horowitz (a16z) has donated over $23 million, aiming to influence the midterm elections in 2026.
These significant contributions from a16z and Coinbase follow their earlier donations this year. The donations are part of their efforts to shape US politics in response to what they perceive as mounting regulatory pressures from the authorities.
A spokesperson for Fairshake expressed optimism about the emerging bipartisan support in Congress for policies that protect American consumers, boost job creation, and foster innovation within the crypto and blockchain sectors.
They added:
“We have seen a transformational shift in how both parties look at crypto and blockchain. We look forward to continuing our strategy of supporting candidates on both sides of the aisle who believe in advancing American innovation, creating jobs, and working together to pass responsible regulation.”
Since its founding in 2023, Fairshake has positioned itself as a key player in advocating for favorable regulatory policies in the crypto sector. The PAC is backed by major companies such as Coinbase, Ripple, and a16z, which are all focused on supporting candidates who promote innovation, regulatory clarity, and job creation in the US.
a16z donation
In a Nov. 4 post on X, Chris Dixon, Managing Partner at Andreessen Horowitz, confirmed the firm’s donation. He emphasized their commitment to backing policymakers, regardless of party affiliation, who are willing to create a regulatory environment that safeguards consumers while encouraging industry growth.
Dixon further noted that beyond financial contributions, the firm will actively engage with lawmakers from both parties. They aim to explain blockchain technology’s benefits and unique challenges, including connecting policymakers with entrepreneurs facing regulatory uncertainties.
According to him, crypto has become mainstream and critical to the US’s global standing. Over 40 million Americans own cryptocurrency, and Bitcoin and Ethereum exchange-traded products (ETPs) hold around $65 billion in on-chain assets.
Dixon stated that clear policies are essential to sustain this growth. However, instead of establishing fundamental guidelines, regulators have often resorted to arbitrary enforcement actions that sometimes exclude Congress from the regulatory process.
Considering this, Dixon called for a comprehensive market structure legislation for digital assets in the current and future Congresses. This includes measures to eliminate bad actors, pragmatic stablecoin laws to promote competition, and pathways for compliance for those developing decentralized networks and legitimate businesses in an uncertain regulatory landscape.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$2,405.66
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
a16z
Andreessen Horowitz (known as “a16z”) is a venture capital firm in Silicon Valley specializing in investing in seed, start-ups, early, mid-stage, growth, and late stage.
