A press release on Monday stated that Fairshake, a super political action committee (PAC), has raised $78 million to support candidates who support blockchain and cryptocurrency in the upcoming U.S. presidential election.
The group has backing from venture capital firm Andreessen Horowitz (a16z), Ark, and cryptocurrency companies Circle, Ripple, Coinbase (COIN), and more. To raise the money, the group also relied on affiliated super PACs.
Fairshake is a Super PAC that seeks to influence the outcome of the upcoming US election by gathering funds to support political candidates. The goal of Fairshake is to assist leaders who promote the advancement of blockchain and cryptocurrency innovation. It is forbidden for Super PACs to give money to political candidates directly.
The next US presidential election is quickly approaching, and many in the cryptocurrency space have been urging new transparent regulations or greater clarity. The formal request for be-spoke regulations for the cryptocurrency industry from Coinbase was recently denied by the U.S. Securities and Exchange Commission (SEC), which deemed it “unwarranted.”
Some political candidates, including Democrat Rep. Dean Phillips and Republicans Vivek Ramaswamy, the entrepreneur, and Asa Hutchinson, the former governor of Arkansas, are advocating for the SEC’s authority to be reduced and for new regulations to be introduced.
The Fairshake release stated that “a clear regulatory and legal framework for success is needed in order for the blockchain economy to realise its full potential.”