Crypto-focused Political Action Committee (PAC) Fairshake is reportedly receiving substantial financial support as the US gears up for the next presidential race.
CNBC reports that crypto companies, including blockchain payments firm Ripple, digital asset exchange Coinbase and crypto-friendly venture capital firm Andreessen Horowitz (a16z) have come together in hopes of influencing the outcome of the 2024 election.
The group made donations to Fairshake, enabling the super PAC to raise $160 million by the end of May.
Coinbase chief policy officer Faryar Shirzad tells CNBC that crypto companies are joining forces to make their voices heard.
“We made a funny realization which was that the only way we were going to get politics out of crypto was to build a political operation that leveled the playing field and allowed the tens of millions of Americans who own crypto to be a part of the process.”
The report says Fairshake does not intend to get involved in the presidential election but will have a bipartisan focus on candidates vying for a seat in the House and the Senate.
Earlier this month, Coinbase announced a $25 million donation to Fairshake SuperPAC to help elect pro-crypto politicians. Payments firm Ripple has also donated $25 million to Fairshake, along with investment giant Andreessen Horowitz.
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