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 <p class="is-style-lead">As U.S. elections gear up, <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> businesses funnel funds into a political action committee, backing <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-friendly candidates.</p>
 <p>Crypto exchange Coinbase, venture firms Andreessen Horowitz (a16z) and Electric Capital, as well as fintech company Ripple, have collectively contributed tens of <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>s of dollars to the Fairshake political action committee (PAC) in a bid to exert influence on U.S. policymakers and support <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-friendly candidates, Bloomberg reports.</p>
 <p>According to statements from Josh Vlasto, a spokesperson for the PAC, Coinbase’s chief executive officer, Brian Armstrong, has personally donated $1 million to Fairshake, while Coinbase as a company has injected an additional $24.5 million into the lobbying group. Bloomberg’s report indicates that Armstrong and Coinbase together account for approximately one-third of the total $85 million raised by the PAC thus far.</p>
 <p>But the U.S.-based crypto exchange is not alone in its efforts to support crypto-loyal candidates. Fintech firm Ripple — best known for its token XRP — has also committed $20 million to the Fairshake PAC, as stated by Vlasto.</p>
 <blockquote class="wp-block-quote">
  <p>“Supporting candidates, from both parties, who take a long-term view of technology is an important part of ensuring that clear rules of the road are developed for blockchain technology and digital assets.”</p> <cite>Collin McCune, head of government affairs at a16z</cite>
 </blockquote>
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 <p>Beyond crypto companies, venture capital firms have also funded what they call a “war chest,” the report notes. For example, the Menlo Park-headquartered venture capital (VC) giant a16z also poured 20 million, while the other VC firm, Electric Capital, donated $500,000.</p>
 <p>The crypto market needs regulatory clarity and has been actively working to shape policies in its favor for a few years now. Despite the initiatives undertaken by U.S. lawmakers in crafting crypto legislation, the absence of specific laws tailored to the industry persists.</p>
 <p>As <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>.news reported in December 2023, <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> firms intensified their <a rel="noopener noreferrer nofollow" title="lobbying" href="https://thebittimes.com/tag/lobbying.html">lobbying</a> efforts in 2023, collectively spending nearly $19 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> over the first three quarters of 2023, marking a 15.2% increase compared to the corresponding period in 2022. Last year, Coinbase led the pack in <a rel="noopener noreferrer nofollow" title="lobbying" href="https://thebittimes.com/tag/lobbying.html">lobbying</a> expenditures, allocating $2.16 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>, followed by Foris DAX (operator of Crypto.com), Blockchain Association, and Binance Holdings.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Web3 lobbying expenditure has increased by over 922% since 2017
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/coinbase-a16z-ripple-pour-millions-into-fairshake-crypto-lobbying-group-tbt78471.html">https://thebittimes.com/coinbase-a16z-ripple-pour-millions-into-fairshake-crypto-lobbying-group-tbt78471.html</a></p>

Coinbase, a16z, Ripple pour millions into Fairshake crypto lobbying group

TheBitTimes

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