Fairshake Super PAC's $78M Fund to Back Crypto Candidates in 2024 U.S. Polls

• Fairshake Super PAC Rallies $78 Million in Support of Crypto-Friendly Leadership
• Notable Supporters and Aims
• Need for Clear Crypto Regulation
• Calls for Regulatory Changes

Fairshake Super PAC Rallies $78 Million in Support of Crypto-Friendly Leadership

Fairshake, a prominent Super Political Action Committee (PAC), has successfully gathered $78 million in funding to back political leaders who are supportive of cryptocurrency and blockchain technology. This information surfaces from a press release published earlier this week.

Notable Supporters and Aims

In their fundraising efforts, Fairshake was backed by the renowned venture capital firm Andreessen Horowitz (a16z), Ark, and multiple key players in the cryptocurrency market, including Circle, Ripple, and Coinbase (COIN). The goal of this Super PAC is to influence the forthcoming U.S. presidential election by endorsing and aiding political candidates who are supportive of blockchain and cryptocurrency innovation. It's important to note that Super PACs are legally barred from directly funding political candidates.

Need for Clear Crypto Regulation

With the upcoming U.S. presidential election drawing closer, many voices within the cryptocurrency industry have been calling for custom-tailored regulations or augmented clarity in the current rules. The U.S. Securities and Exchange Commission (SEC), however, recently dismissed a formal petition from cryptocurrency exchange Coinbase, deeming its request for industry-specific rules as unwarranted.

Calls for Regulatory Changes

Despite opposition from the SEC, political figures such as entrepreneur and Republican Vivek Ramaswamy, former Arkansas Gov. Asa Hutchinson and Democrat Rep. Dean Phillips are advocating for the SEC's powers to be scaled back and for the introduction of specific rules. According to the Fairshake press release, "In order for the blockchain economy to realize its full potential, a clear regulatory and legal framework for success is needed."

Edited by Jonathan Stoker