Crypto super PAC Fairshake becomes largest in US
Fairshake has emerged as a dominant force this election cycle, with over $203 million raised this year, surpassing other notable super PACs like Make America Great Again Inc.
The large influx of funds towards a pro-crypto PAC echoes the sentiment that crypto has a massive influence on U.S. politics during this election cycle.
Compared with other super PACs, Fairshake’s financial war chest is notable — and still growing. The Senate Majority PAC, supporting Democratic Senate campaigns, has raised $167 million, while Make America Great Again Inc., backing former President Donald Trump, has accumulated $201 million.
Fairshake’s substantial fundraising efforts place it at the forefront of political influence, emphasizing the crypto industry’s increasing clout in U.S. politics.
As of July 23, Fairshake had over $1.19 million in cash on hand to spend on crypto policy and political donations.
Fairshake’s aim for the super PAC
Fairshake has clearly defined strategic goals: to oppose regulatory actions that are seen as unfriendly to crypto and to advocate for a conducive atmosphere for digital and crypto innovation.
Over a dozen crypto firms founded Fairshake, and it has emerged as a leading political action committee.
Crypto exchange Coinbase, venture firms Andreessen Horowitz (a16z) and Electric Capital, and Ripple have collectively contributed tens of millions of dollars to Fairshake to influence U.S. policymakers and support crypto-friendly candidates.
The majority of its $160 million in contributions comes from four companies: Ripple, Andreessen Horowitz, Coinbase, and Jump Crypto.
In February, Tyler and Cameron Winklevoss, the founders of Gemini Exchange, donated $4.9 million to Fairshake.
Fairshake’s power and implications
With Fairshake’s financial backing, pro-crypto lawmakers can push for legislation, regulations, and policies. This has already occurred this spring with the passing of the FIT21 bill.
This influx of crypto money into the government shifts political power dynamics, giving candidates and lawmakers supporting crypto more influence.
Financial support from crypto PACs may impact the general election and lead to policies aligning with the crypto industry’s goals.
What is a PAC?
A PAC, short for Political Action Committee, is a group that collects and utilizes funds to support or oppose political candidates. PACs typically follow specific donation restrictions and reporting regulations and operate within strict contribution limits from both individuals and entities. They can also contribute directly to candidates’ campaigns.
On the other hand, super PACs have the ability to raise and spend unlimited sums of money but are not allowed to coordinate directly with candidates or political parties.
