Fairshake, an influential political action committee (PAC), proudly announces a remarkable achievement, having successfully secured a substantial $78 million in funding. This significant financial backing is geared towards bolstering leaders who wholeheartedly endorse and champion the transformative realms of cryptocurrency and blockchain technology in the upcoming U.S. presidential election, as revealed in a press release issued this Monday.
The coalition, strategically leveraging support from affiliated super PACs, has garnered backing from prominent entities such as venture capital firm Andreessen Horowitz (a16z), ARK Invest, and key players in the crypto space, including Circle, Ripple, and Coinbase (COIN), among others.
Fairshake, functioning as a Super PAC, has a resolute mission—to shape the trajectory of the impending U.S. election by mobilizing funds to advocate for political candidates aligned with the innovative spirit of blockchain and crypto. It’s imperative to note that Super PACs are barred from directly contributing funds to political candidates.
As the imminent U.S. presidential election looms, the crypto sector echoes calls for tailored regulations that provide clarity and address the unique needs of the industry. Notably, the U.S. Securities and Exchange Commission (SEC) recently rejected a formal petition by crypto exchange Coinbase for bespoke rules, deeming them “unwarranted.”
Certain political figures, including entrepreneur Vivek Ramaswamy and former Arkansas Gov. Asa Hutchinson from the Republican camp, along with Democrat Rep. Dean Phillips, are advocating for a reduction in the SEC’s powers and the establishment of specific rules to navigate the evolving landscape.
Fairshake asserts in its release, “For the blockchain economy to reach its maximum potential, a well-defined regulatory and legal framework for success is indispensable.”