Crypto super PAC Fairshake becomes largest in US

Fairshake has emerged as a dominant force this election cycle, raising more than $203 million this year, outpacing other major super PACs like Make America Great Again Inc.

The massive infusion of funds into a pro-crypto PAC reflects the notion that crypto is having a major impact on U.S. politics this election season.

Compared to other super PACs, Fairshake’s financial war chest is notable and still growing. Senate Majority PAC, which supports Democratic Senate campaigns, has raised $167 million, while Make America Great Again Inc., which supports former President Donald Trump, has raised $201 million.

Fairshake’s significant fundraising efforts have placed it at the forefront of political influence, highlighting the growing clout of the crypto industry in U.S. politics.

As of July 23, Fairshake had more than $1.19 million in cash on hand to spend on crypto policy and political donations.

Fairshake’s super PAC target

Fairshake’s strategic goals are clearly defined: to oppose regulatory actions deemed unfriendly to crypto and to create a conducive environment for digital and crypto innovation.

Founded by more than a dozen crypto firms, Fairshake has emerged as a prominent political action committee.

Cryptocurrency exchange Coinbase, venture firms Andreessen Horowitz (a16z) and Electric Capital, and Ripple have contributed tens of millions of dollars in total to Fairshake in an effort to influence U.S. politicians and support crypto-friendly candidates.

The bulk of the $160 million contribution comes from four companies: Ripple, Andreessen Horowitz, Coinbase, and Jump Crypto.

In February, Gemini Exchange founders Tyler and Cameron Winklevoss donated $4.9 million to Fairshake.

Fairshake’s power and effects

With Fairshake’s financial support, pro-crypto lawmakers can push for legislation, regulations, and policies. This has already happened this spring with the passage of the FIT21 bill.

The influx of crypto into government is changing political power dynamics and giving crypto-supporting candidates and lawmakers greater influence.

Financial support from crypto PACs could influence general elections and lead to the creation of policies that align with the goals of the crypto industry.

What is PAC?

A PAC, short for Political Action Committee, is a group that raises and uses funds to support or oppose political candidates. PACs typically follow certain donation restrictions and reporting regulations and operate within strict contribution limits from both individuals and organizations. They may also contribute directly to candidates’ campaigns.

Super PACs, on the other hand, have the authority to raise and spend unlimited amounts of money but are not allowed to coordinate directly with candidates or political parties.