Crypto Super PAC Fairshake Leads in Funding, Surpasses MAGA

July 30, 2024 04:18 AM PDT | By Team Kalkine Media

Crypto Super PAC Fairshake Leads in Funding, Surpasses MAGA — Image source: Shutterstock

Fairshake Outpaces MAGA Super PAC

According to data from OpenSecrets, Fairshake has outpaced MAGA in fundraising, highlighting the growing influence and financial clout of the crypto advocacy group. This substantial financial backing underscores Fairshake's role in shaping political discourse and regulatory outcomes related to the cryptocurrency industry.

Significant Political Expenditures by Fairshake

Fairshake's political expenditures have also been notable, with over $14 million spent to date. This includes approximately $10 million allocated to challenge Katie Porter’s senatorial campaign in California and over $2 million spent against Jamaal Bowman’s ongoing House campaign in New York. These expenditures reflect Fairshake’s strategic focus on influencing key political races and regulatory environments.

Backing from Major Crypto Firms

The substantial fundraising achievements of Fairshake are supported by significant contributions from major players in the crypto industry. Coinbase has been a major donor, contributing over $46 million, including $1 million from individual employees. Ripple follows closely with a $45 million donation, while individual donors associated with the venture firm Andreessen Horowitz, including co-founders Marc Andreessen and Ben Horowitz, have contributed approximately $44 million.

Stand With Crypto Advocacy Group

In addition to Fairshake, Coinbase also leads the advocacy group Stand With Crypto, which endorses specific candidates and promotes policies favorable to the cryptocurrency industry. Stand With Crypto has endorsed candidates in 22 federal House and Senate races, demonstrating its commitment to supporting pro-crypto policymakers and legislative initiatives.

Bipartisan Endorsements with Republican Preference

Stand With Crypto's endorsement strategy includes candidates from both political parties but shows a moderate preference for Republicans. The group supports the Financial Innovation and Technology for the 21st Century Act, a proposed crypto bill in the House, which it rates as "very pro crypto." This approach reflects the group's strategic alignment with policies and candidates that favor the crypto industry's interests.

Impact of Trump's Crypto Endorsement

The crypto industry experienced a significant boost on July 27, when former President Donald Trump, speaking at the Bitcoin 2024 conference in Nashville, declared his intention to create a “strategic Bitcoin reserve” and remove Securities and Exchange Commission (SEC) Chair Gary Gensler. Trump’s remarks were seen as a direct challenge to the SEC’s regulatory stance on cryptocurrency firms, which has been perceived as stringent.

Implications for the Crypto Industry

Trump’s endorsement and proposed policy changes are expected to have a considerable impact on the cryptocurrency landscape. The creation of a strategic Bitcoin reserve and the potential removal of SEC Chair Gary Gensler could lead to a more favorable regulatory environment for crypto firms. These developments align with the goals of Fairshake and Stand With Crypto, which aim to advance the interests of the crypto industry through political advocacy and financial support.

The Coinbase-led Fairshake PAC's record-breaking fundraising and significant political expenditures highlight the increasing influence of the cryptocurrency industry in U.S. politics. With major donations from leading crypto firms and strategic endorsements of pro-crypto candidates, Fairshake and its affiliated groups are playing a crucial role in shaping the regulatory landscape for digital assets. As the industry continues to engage with political figures and advocate for favorable policies, the outcome of these efforts will likely have far-reaching implications for the future of cryptocurrency regulation and adoption.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.