Crypto heavyweights invest $78 million in US PACs aiming for regulation-friendly legislators Crypto heavyweights invest $78 million in US PACs aiming for regulation-friendly legislators
Amid regulatory challenges, crypto leaders funnel millions into political support for a pro-tech future.
2 min read
Updated: Dec. 18, 2023 at 1:48 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto leaders have collectively raised $78 million for super PACs, focusing on increasing the presence of crypto-friendly lawmakers in Washington, Axios reports.
Further, according to a statement from Fairshake, the following entities have shown support for Fairshake: Andreessen Horowitz, Ark, Brian Armstrong, Blockchain Capital, Wences Casares, Circle, Coinbase, Ron Conway, Cumberland, Framework Ventures, Hunter Horsley, Jump Crypto, Kraken, Lightspark, Messari, Multicoin Capital, Paradigm, Potter Ventures, Ripple, Fred Wilson, Cameron Winklevoss, and Tyler Winklevoss.
It further stated,
“Embracing the transformative potential of the American crypto community, Fairshake is dedicated to advancing leaders who are poised to champion innovation and navigate the complexities of responsible regulation in the digital age.”
According to Axios, political action committees, namely Fairshake, Protect Progress, and Defend American Jobs, aim to strengthen the representation of crypto-advocating legislators on Capitol Hill. This financial mobilization, amassing such a substantial sum in merely the last quarter of 2023, signals an escalating commitment by the crypto sector to match, or potentially surpass, the political influence of more traditional industries.
Andreessen Horowitz expressed its stance on political donations on Dec. 14, stating that they are nonpartisan, one-issue voters who will support candidates who endorse an optimistic technology-enabled future. This aligns with the super PACs’ goals to foster the industry in the United States by promoting responsible regulation. Coinbase has previously launched initiatives to mobilize crypto owners into advocates for change, which may provide context on their involvement in political funding.
Primarily, this move seeks to reshape the perception of cryptocurrency in political funding, especially following the negative implications associated with the collapse of FTX and SBF’s guilty verdict. Fairshake and its affiliates have clearly articulated their goals: to support congressional candidates who advocate for innovation-friendly, responsible regulation of crypto and blockchain technology. Axios reports this initiative is an effort to foster an environment conducive to the growth of the crypto industry within the United States.
Further, Axios spotlights that representatives like House Financial Services Committee Chair Patrick McHenry, Majority Whip Tom Emmer Don Davis, Ritchie Torres, Young Kim, Josh Gottheimer, Zach Nunn, Greg Meeks, and Steven Horsford have received backing from these PACs. This investment in political support arrives at a crucial moment, as lawmakers exhibit increased interest in establishing concrete regulations for the cryptocurrency industry. For instance, under McHenry’s leadership, the House Financial Services Committee advanced several crypto regulatory bills to the floor in July 2023.
Ultimately, this substantial investment by crypto leaders in these super PACs underscores the industry’s determination to establish a more favorable regulatory environment and solidify its presence and influence in the U.S. political landscape.
Mentioned in this article
a16z 
Coinbase 
Circle 
Messari 
Ripple 
Paradigm 
Jump Crypto 
Tom Emmer 
Brian Armstrong 
Tyler Winklevoss 
Cameron Winklevoss 
Patrick McHenry Author 
Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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In this article
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.
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.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
Messari
Messari is a fast growth startup in New York that is building the next generation data layer for the global cryptoasset community.
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.
Jump Crypto
Jump Crypto is a division of Jump Trading Group, a research-driven quantitative trading firm and one of the largest traders, by volume, across traditional asset classes.
Thomas Emmer, an American attorney and seasoned politician, has represented Minnesota’s 6th congressional district in the U.S.
Brian Armstrong, co-founder and CEO of Coinbase, stands at the forefront of the digital currency revolution.
Tyler Winklevoss, known for his pioneering role in the cryptocurrency realm, is a Harvard University alumnus with a degree in Economics and holds an MBA from Oxford University.
Cameron Winklevoss, a renowned figure in the cryptocurrency sector, is a Harvard University graduate with a degree in Economics and holds an MBA from Oxford University.
Patrick McHenry is an American politician who has been serving as the U.S.
