05 Jun, 2024

Crypto Regulation Super PAC Dominates with Latest Major Donations

Shawn Munir
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Shawn Munir
Shawn Munir Shawn Munir Expert Author
Shawn Munir is the CEO of Coinweb.com and spearheads all the collaborative partnerships for the platform. He bought his first Bitcoin in 2017 and never looked back. He is also an investor in 200+ Web3 startups and is considered an expert in the field. Before building Coinweb with his co-founders, he co-founded Presail, a management...
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Philip Lord is the President of Oobit.com, a forward-thinking payments app that raised $25 million with his support. With a background in investment banking and an eye for blockchain investments since 2017, Lord brings a blend of finance savvy and tech-thinking. His run through the financial capitals of Hong Kong and Tokyo gave him an...
Crypto Regulation Super PAC Dominates with Donations
Key Takeaways
  • Major donors Coinbase, Ripple and a16z donate $25 million each to the crypto regulation Super PAC, Fairshake.
  • These major donations bring Fairshake’s total funds to $161 million, which dominates the political action committee landscape for the 2024 elections.

Crypto Regulation Super PAC Dominates with Latest Major Donations

Coinbase has become the most recent major donor to the crypto regulation super PAC, Fairshake.

Coinbase joins Ripple (XRP) and a16z in each donating $25 million to Fairshake.

Fairshake’s war chest for the 2024 U.S. elections now totals over $161 million.

2024 Elections
2024 Elections | Source: U.S. Embassy, Czech Republic

Fairshake is a super PAC that focuses on supporting candidates that have positive or open political platforms for crypto regulation.

It also educates politicians about crypto to help them develop informed platforms in support of the industry. 

Fairshake’s total funds currently dominate the PAC landscape, making them one of the biggest players in the 2024 elections.

Fairshake’s Crypto Regulation War Chest Rivals Top PACs

Fairshake’s total war chest for influencing the outcome of the 2024 elections dominates other U.S. industries. 

The $25 million individual donations by Coinbase, Ripple and a16z put all three of these companies in the current top five corporate donors list.

For comparison, some other major PACs include:

  • The Congressional Leadership Fund, for House Speaker Mike Johnson, with $84 million.
  • The Senate Leadership Fund, for Republican efforts in the Senate, with $64 million.
  • The House Majority PAC, for Democrats in the House, with $186 million.

Fairshake’s $161 million war chest would theoretically allow it to individually spend $300,000 on each House and Senate seat up for election in 2024.

This commitment to influencing U.S. elections demonstrates how serious the industry is about addressing the opaque and outdated U.S. crypto regulation.

Moreover, this is not a one-time effort but just the beginning of the industry’s commitment to changing U.S. crypto regulation.

Garlinghouse has vowed to give Fairshake $25 million each year until crypto is treated equally with other major industries.

“When it comes to our mission of increasing economic freedom by growing the adoption of cryptocurrencies, we are deeply engaged in policy efforts. The House and Senate help determine what crypto legislation gets passed, amongst other things, so growing the number of pro-crypto members is critical.”

Coinbase company statement.

Fairshake Committed to Revolutionizing U.S. Crypto Regulation

Fairshake Logo
Fairshake Logo | Source: Fairshake

Fairshake is a Super PAC focused on normalizing the regulation of the crypto industry in the United States.

Fairshake’s ultimate goal is the passing of a comprehensive slate of crypto regulation that directly addresses current shortcomings.

Super PACs shape elections by putting unlimited cash into advertising, though they cannot coordinate with any individual campaigns.

Fairshake supports candidates with positive or open positions on crypto regulation in an effort to further the influence of the industry.

For example, it paid for a series of attack ads against anti-crypto Representative Katie Porter, who then lost her Senate seat primary election.

Fairshake also educates politicians about the industry, so they can develop informed platforms in support of positive crypto regulation.