Key Takeaways:
- Fairshake, a pro-crypto super PAC, received $25 million contributions from both Andreessen Horowitz and Ripple.
- Andreessen Horowitz’s total contributions reached $47 million over two years, while Ripple’s totaled $50 million for 2023-2024.
- The donations support Fairshake’s mission to promote candidates advocating for clear digital asset regulations, with an expected backing for crypto lawyer John Deaton in his Senate race.
Fairshake, a pro-crypto super PAC in the United States, received significant contributions from Andreessen Horowitz (a16z) and Ripple within two days.
On May 30, a16z’s crypto and Web3 venture fund donated $25 million, matching Ripple’s $25 million contribution from the previous day.
Venture capital firm Andreessen Horowitz donated $25 million to the political action committee Fairshake to support crypto-friendly candidates https://t.co/6uCYsofR75
— Bloomberg Crypto (@crypto) May 30, 2024
This brings a16z’s total contributions to $47 million over two years, while Ripple’s total reaches $50 million for 2023 and 2024.
The donations will support Fairshake’s mission to promote bipartisan candidates who advocate for clear regulations for digital assets.
A16z Crypto donates additional $25 million to pro-crypto super PAC Fairshake https://t.co/q793aoXDmZ
— The Block (@TheBlock__) May 30, 2024
Andreessen Horowitz entered the political arena in December to support pro-crypto and pro-AI candidates, emphasizing the importance of high-quality regulation for industry growth and consumer protection.
Fairshake has raised $135 million but has spent only $11.3 million as of May 29, with $10 million used on negative advertising against Democratic candidates, notably against U.S. Representative Katie Porter.
Venture giant a16z ramps up political push with additional $25 million donation to crypto super PAC Fairshake. https://t.co/nfTCZvJEhV
— FORTUNE (@FortuneMagazine) May 30, 2024
The PAC is expected to support crypto lawyer John Deaton in his Senate race against Elizabeth Warren in Massachusetts.
About The Author
Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.
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