In a substantial show of support for pro-crypto political figures, leading cryptocurrency firms Coinbase and Ripple have emerged as major contributors to the Fairshake super PAC, as reported.
According to Josh Vlasto, spokesperson for Fairshake, Coinbase has generously donated $24.5 million to the super PAC, with an additional personal contribution of $1 million from Coinbase CEO Brian Armstrong. These contributions collectively constitute approximately one-third of Fairshake’s total funds, amounting to $85 million raised to date.
Ripple, another prominent player in the cryptocurrency space, has also made a notable contribution of $20 million to Fairshake, according to Vlasto. Alongside these crypto giants, venture capital firms Andreessen Horowitz (a16z) and Electric Capital have made significant donations of $20 million and $500,000, respectively.
While the specific donation amounts have not been officially confirmed by the companies involved, Coinbase previously acknowledged its contributions to Fairshake in a December blog post. At that time, Fairshake had reportedly raised $78 million. Other contributors mentioned in the blog post included Circle, Kraken, Ark Invest, and the founders of Gemini, Cameron, and Tyler Winklevoss.
Additional details about Fairshake’s donors are expected to be disclosed in an upcoming filing with the U.S. Federal Election Commission.
Fairshake, a super PAC committed to supporting political candidates sympathetic to cryptocurrency causes, maintains a bipartisan approach. While the PAC supports candidates from both major political parties, it has exhibited a slight preference for Democratic candidates. Current data from OpenSecrets reveals that Fairshake has allocated $700,000 to 13 Democratic candidates and $551,000 to eight Republican candidates.
Collin McCune, Head of Government Affairs at Andreessen Horowitz, emphasized the importance of supporting candidates from both parties with a long-term perspective. McCune stated that this approach is crucial in developing clear regulatory frameworks for blockchain technology and digital assets. However, he did not confirm the reported donation amount from Andreessen Horowitz.
Fairshake’s notable expenditures have included substantial support for Republican Representative Patrick McHenry, an influential figure in crypto legislation who is set to retire in January 2025. The super PAC has also directed funds towards Republican Representative Tom Emmer and Democratic Representatives Josh Gottheimer and Ritchie Torres.
