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Crypto Industry Funnels $78 Million Into War Chest to Elect Pro-Crypto Candidates in 2024 Elections Skip to main content

Crypto Industry Funnels $78 Million Into War Chest to Elect Pro-Crypto Candidates in 2024 Elections

Crypto Industry Funnels $78 Million Into War Chest to Elect Pro-Crypto Candidates in 2024 Elections

Prominent crypto companies and leaders have contributed to a war chest to support pro-crypto candidates in the 2024 elections, amassing $78 million to date. “The U.S. cannot afford to continue taking a back seat on the global stage. Regulatory overreach (esp from the SEC) is actively moving the U.S. in the wrong direction,” said Ripple’s CEO. “The crypto industry has a large war chest now to elect pro-crypto candidates in 2024,” stated the CEO of crypto exchange Coinbase.

The U.S. Cannot Afford to Continue Taking Back Seat on Global Stage

Fairshake, a federal independent expenditure-only political action committee (super PAC), announced Monday that crypto and blockchain leaders have amassed $78 Million “for Fairshake Super PAC and its affiliates to support pro-innovation and pro-crypto leadership going into 2024 congressional elections.” Fairshake is registered with the Federal Election Commission (FEC) and supports candidates solely through its independent activities. The announcement states:

They will report $78 million raised and in the bank in Q4 2023 to support leaders who support American crypto and blockchain innovation and responsible regulation in the forthcoming 2024 elections.

The announcement adds that supporters of Fairshake 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.

“In order for the blockchain economy to realize its full potential, a clear regulatory and legal framework for success is needed,” Fairshake stressed.

Ripple CEO Brad Garlinghouse commented on social media platform X Monday: “Ripple is putting a stake in the ground, leading the charge with other industry leaders to support pro-innovation and pro-crypto candidates in the 2024 U.S. election cycle.” The executive opined:

The U.S. cannot afford to continue taking a back seat on the global stage. Regulatory overreach (esp from the SEC) is actively moving the U.S. in the wrong direction, and other countries are taking full advantage of the lack of U.S. leadership.

“We need to advance leaders who will champion innovation and spearhead paths towards responsible regulation. 2024 is the time to go back to first principles by encouraging initiatives to promote transparency, innovation and a compliance-first approach. Team Ripple and I won’t squander it,” he emphasized.

Coinbase CEO Brian Armstrong stated: “The crypto industry has a large war chest now to elect pro-crypto candidates in 2024. We’re proud to contribute, and give the 52m Americans who have used crypto better representation. It will be bi-partisan. And hopefully we can get it to $100m in Q1 next year.”

What do you think about the crypto industry’s war chest to elect pro-crypto candidates in upcoming elections? Let us know in the comments section below.

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