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Blockchain Leaders Raise $78 Million to Support Pro-Crypto Politicians

The Fairshake Super PAC will support pro-crypto candidates on both sides of the political spectrum in next year's U.S. House and Senate elections.

Blockchain Leaders Amass $78 Million to Support Pro-Crypto Politics

Fairshake, a federal super political action committee (PAC), and its network of affiliates have raised $78 million to support leaders who champion innovation in blockchain and crypto along with responsible regulation. 

“Embracing the transformative potential of the American crypto community, Fairshake is dedicated to advancing leaders who are poised to champion innovation and navigate the complexities of responsible regulation in the digital age.”
Super PACs, or independent expenditure-only committees, may receive unlimited contributions from individuals, corporations, labour unions and other PACs to finance independent expenditures and other independent political activity. At the same time, they are prohibited from donating money directly to political candidates, and their spending must not be coordinated with that of the candidates they benefit.

Fairshake plans to support, through independent advertising efforts, those candidates in the U.S. House and U.S. Senate on both sides of the political divide who represent the interests of the crypto industry. The Super PAC has support from major blockchain companies and venture capital firms, including Ark, Kraken, Circle and Ripple.

The crypto community has long been calling for a clear regulatory framework for the industry, but so far in vain. Just this week, the SEC declined Coinbase’s formal petition for clear crypto regulation, stating that the requested rulemaking is 'unwarranted'. The crypto exchange now has a legal basis that allows it to proceed with its further pursuit of the regulator and has already challenged the “SEC's arbitrary and capricious denial” in the Third Circuit. The upcoming elections might be the most consequential ever for the industry, setting up a clear choice between pro-crypto candidates and those who stand with traditional institutions and the existing financial system.

We have recently Observed blockchain enter the political arena in quite a different form. The newly launched The Other Party has proposed a radical blockchain-based replacement of the traditional political system in the U.K.

Coinbase is among the many companies financing Fairshake and, according to a statement, aims “to support the 52 million Americans who own digital assets and want a fair shake at the American Dream.” The crypto exchange points out that “a check on appointed regulators who have taken a regulation by enforcement approach” is needed to maintain the country's position as an innovation hub, and prevent jobs, economic activity, and technical skills from moving offshore. Coinbase also called for support of the Stand with Crypto Alliance, a non-profit organisation and grassroots advocacy hub dedicated to uniting global crypto advocates, that the exchange launched this August. 

A new advert from Coinbase regarding the improvement of the existing financial system recently went viral, receiving huge support on social media. This suggests that the overall sentiment - at least among younger generations - might indeed be on the side of the crypto faithful. The U.S. elections will take place in November 2024, and with the support of the crypto community, perhaps we could indeed see a surge of those candidates wishing to "update the system."