Fairshake, a Political Action Committee (PAC) with a focus on cryptocurrency, is reportedly gaining significant financial backing as the United States prepares for the upcoming presidential election.
According to CNBC, crypto companies such as Ripple, Coinbase, and Andreessen Horowitz (a16z) have joined forces in an effort to influence the outcome of the 2024 election by making donations to Fairshake. This collaboration has resulted in the super PAC raising $160 million by the end of May.
Faryar Shirzad, chief policy officer at Coinbase, emphasized the importance of crypto companies coming together to ensure their voices are heard in the political arena. “We made a funny realization which was that the only way we were going to get politics out of crypto was to build a political operation that leveled the playing field and allowed the tens of millions of Americans who own crypto to be a part of the process,” Shirzad told CNBC.
While Fairshake does not plan to intervene in the presidential election, it aims to have a bipartisan focus on supporting candidates running for seats in the House and the Senate.
In a recent announcement, Coinbase revealed a $25 million donation to Fairshake SuperPAC to support the election of pro-crypto politicians. Additionally, Ripple and Andreessen Horowitz have also contributed $25 million each to Fairshake.
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