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As U.S. elections gear up, crypto businesses funnel funds into a political action committee, backing crypto-friendly candidates.
Crypto exchange <a href="https://crypto.news/tag/coinbase/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a>, venture firms Andreessen Horowitz (<a href="https://crypto.news/tag/a16z/" target="_blank" rel="noopener noreferrer nofollow">a16z</a>) and <a href="https://crypto.news/tag/electric-capital/" target="_blank" rel="noopener noreferrer nofollow">Electric Capital</a>, as well as fintech company <a href="https://crypto.news/tag/ripple/" target="_blank" rel="noopener noreferrer nofollow">Ripple</a>, have collectively contributed tens of millions of dollars to the Fairshake political action committee (PAC) in a bid to exert influence on U.S. policymakers and support crypto-friendly candidates, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-01-31/coinbase-coin-and-ceo-armstrong-prep-war-chest-for-pro-crypto-politicians" target="_blank" rel="noopener noreferrer nofollow">reports</a>.
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 <a href="https://crypto.news/tag/crypto-lobbying/" target="_blank" rel="noopener noreferrer nofollow">lobbying group</a>. 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.
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 <a href="https://crypto.news/price/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP</a> — has also committed $20 million to the Fairshake PAC, as stated by Vlasto.
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 “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.” <cite>Collin McCune, head of government affairs at a16z</cite>
</blockquote>
You might also like: <a href="https://crypto.news/coingecko-coinbase-tops-crypto-lobbying-spenders-in-2023/" rel="noopener noreferrer nofollow"> CoinGecko: Coinbase tops crypto lobbying spenders in 2023 </a>
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.
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 <a href="https://crypto.news/coinbase-launches-campaign-for-balanced-crypto-regulations-in-us/" target="_blank" rel="noopener noreferrer nofollow">persists</a>.
As crypto.news <a href="https://crypto.news/u-s-crypto-industry-lobbying-efforts-hit-record-high-in-2023/" target="_blank" rel="noopener noreferrer nofollow">reported</a> in December 2023, crypto firms intensified their lobbying efforts in 2023, collectively spending nearly $19 million 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 lobbying expenditures, allocating $2.16 million, followed by Foris DAX (operator of Crypto.com), Blockchain Association, and Binance Holdings.
Read more: <a href="https://crypto.news/web3-lobbying-expenditure-has-increased-by-over-922-since-2017/" rel="noopener noreferrer nofollow"> Web3 lobbying expenditure has increased by over 922% since 2017 </a>

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

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