In order to help pro-crypto candidates get elected to the U.S. Congress in 2024, several Web3 companies and personalities have funded the Fairshake super PAC to the tune of $78 million. What does it involve?
Fairshake: $78 million to get pro-crypto candidates elected to Congress
Whatever the country, having political leaders familiar with blockchain technologies in government is a major issue for the implementation of a fair and consistent regulatory framework. To this end, Web3 leaders have funded the Fairshake super PAC to the tune of $78 million to support the campaigns of pro-crypto candidates in the 2024 US Congressional elections.
In a nutshell, a super PAC, or “independent political action committee”, is an organization supporting a specific cause, whose aim will be to fund actions to support or block various political candidates. Its mission is thus akin to lobbying, to get its ideas across to political leaders.
In this instance, Faireshake has received the support of numerous well-known personalities and companies. These include the Winklevoss twins, venture capitalist Andreessen Horowitz (a16z), Coinbase and its CEO Brian Armstrong, Circle, Kraken and Messari, to name but a few
With its $78 million in cash, the super PAC will be working to elect as many Web3 ecosystem-friendly candidates as possible, be they Republican or Democrat:
“Fairshake and its affiliates remain committed to their mission of supporting leaders who champion progressive innovation, including blockchain technology and the crypto industry, through independent advertising efforts. For the blockchain economy to realize its full potential, a clear regulatory and legal framework is needed. “
Further funding is expected to supplement Fairshake’s financial resources in the future.
For his part, Brian Armstrong renewed his support for the initiative, believing that the industry now has a substantial war chest. He hopes to see it reach $100 million by the first quarter of 2024 :
The crypto industry has a large war chest now to elect pro-crypto candidates in 2024. We’re proud to contribute, and give the 52m Americans who have used crypto better representation.
It will be bi-partisan. And hopefully we can get it to $100m in Q1 next year. https://t.co/V20G2d3Eoc
– Brian Armstrong ️ (@brian_armstrong) December 18, 2023