American Political Action Committee Received $160 Million in Cryptocurrencies
Date: 2024-06-24 Author: Henry Casey Categories: IN WORLD
A cryptocurrency-focused US political action committee called Fairshake has received significant financial support to prepare for the upcoming US presidential election. The total amount of donations from various crypto companies amounted to $160 million, which indicates the growing influence of the crypto industry on the political process in the country.
Support from Major Crypto Companies
According to CNBC, crypto companies such as Ripple, digital asset exchange Coinbase and venture capital firm Andreessen Horowitz (a16z) have joined forces to influence the outcome of the 2024 election. These firms made significant donations to Fairshake, allowing the political committee to raise an impressive $160 million by the end of May.
Statements from Coinbase Representatives
Coinbase Chief Policy Officer Fariar Shirzad emphasized the importance of political activism for crypto companies. He noted that participation in the political process is the only way to level the playing field and allow the tens of millions of Americans who own cryptocurrency to be part of that process.
“We made a funny discovery: the only way to get rid of politics in cryptocurrency is to structure the political work to level the playing field and allow the tens of millions of Americans who own cryptocurrency to be part of the process,” Shirzad said.
Focus on Congressional Elections
While Fairshake does not plan to directly participate in the presidential election, the committee intends to focus on supporting candidates from both parties vying for seats in the U.S. House of Representatives and Senate. This strategy allows you to influence the formation of the legislative framework regulating cryptocurrencies and blockchain technologies.
Donations from Leading Companies
Coinbase previously announced a $25 million donation to Fairshake to support the election of cryptocurrency-friendly politicians. Ripple and investment giant Andreessen Horowitz donated a similar amount. These financial injections highlight the importance of political support for the further development of the crypto industry.
The fundraising of $160 million in cryptocurrencies by the American political action committee Fairshake demonstrates the growing influence of the crypto industry on the political process in the United States. Support from major crypto companies and their desire to influence legislation shows that cryptocurrencies are becoming an integral part of the modern economic and political landscape.
