Ripple, Coinbase, and Andreessen Horowitz (a16z) are among the key contributors to the Fairshake political action committee (PAC), with a collective commitment of $78 million to support crypto-friendly candidates in the 2024 U.S. elections.
The PAC, backed by leading names in the cryptocurrency industry, aims to promote candidates who advocate for American innovation in blockchain and cryptocurrency, ensuring responsible regulation. Ripple CEO Brad Garlinghouse expressed the company’s determination to lead the initiative alongside other industry leaders, emphasizing the need for regulation that fosters innovation while maintaining transparency and compliance.
Garlinghouse criticized the current regulatory landscape, particularly targeting the SEC’s approach, which he believes is stifling U.S. leadership in the crypto sector. He underscored the importance of advancing leaders committed to responsible regulation that encourages innovation.
The SEC’s aggressive stance towards crypto firms, including legal actions against Coinbase and Binance.US in 2023, has heightened the industry’s need for supportive legislative change. a16z founder Chris Dixon also announced the firm’s participation in the Fairshake PAC, highlighting the critical need for balanced crypto regulation to unlock the technology’s full potential and shift the future of the Internet towards its users.
The Fairshake PAC, which has already invested $1.2 million in U.S. television advertising, focuses on raising funds to support candidates who will establish clear regulatory guidelines, fostering technological innovation and eliminating bad actors in the industry.