The crypto industry has raised a $78 million war chest to support pro-crypto candidates in the 2024 elections. The move follows the view that the United States is heading in the wrong direction on regulations and must not fall behind at the global level.
Fairshake announces $78 million in support
Fairshake, a federal Super PAC (one-time independent political action committee), announced Monday that crypto and blockchain leaders have raised $78 million “for Fairshake's Super PAC and its partners to support pro-innovation and pro-cryptography leadership in the next legislative elections of 2024”. Fairshake is registered with the Federal Election Commission (FEC) and supports candidates solely through its independent activities. The announcement specifies
They will bring in $78 million in Q4 2023 to support leaders supporting American crypto and blockchain innovations and responsible regulation in the upcoming 2024 elections.
The announcement adds that Fairshake's backers include venture capital firm Andreessen Horowitz, Ark Invest, Coinbase and its CEO Brian Armstrong, Blockchain Capital, Wences Casares, Circle, 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.
Call for a clear regulatory framework
“In order for the blockchain economy to realize its full potential, a clear regulatory and legal framework is necessary for its success,” Fairshake emphasized.
Ripple CEO Brad Garlinghouse commented on social media platform 2024 U.S. election cycle.” The executive expressed his opinion:
The United States cannot afford to continue to lag behind on the global stage. Regulatory assaults (including from the SEC) are actively pushing the United States in the wrong direction, and other countries are taking full advantage of the lack of American leadership.
“We must highlight leaders who support innovation and pave the way for responsible regulation. In 2024, it is time to get back to basics by encouraging initiatives that promote transparency, innovation and a compliance approach first. Team Ripple and I will not waste it,” he stressed.
Coinbase CEO Brian Armstrong said: “The crypto industry now has a significant war chest to elect pro-crypto candidates in 2024. We are proud to contribute and provide better representation to the 52 million Americans who have used crypto It will be bipartisan And we hope to be able to increase it to $100 million in the first quarter of next year.
Conclusion
The crypto industry has decided to support pro-crypto candidates in the 2024 elections, allocating a considerable budget for this purpose. The requirement for a clear regulatory framework in order to develop the full potential of the blockchain economy remains at the heart of these efforts. Advocacy and political influence are therefore important elements of current developments in the crypto sector.