Web3-focused venture firm A16z Crypto nearly doubled its donation to major blockchain super PAC Fairshake.
A16z Crypto founder and managing partner Chris Dixon confirmed his company’s $25 million donation to Fairshake, a super political action committee (PAC) focused on lobbying pro-crypto regulations on Capitol Hill.
The financial support will cushion campaign efforts for political candidates dedicated to protecting internet freedom, open-source blockchain development, and cryptography in the U.S., Dixon said at Consensus 2024.
The latest donation increased a16z Crypto’s contribution to Fairshake and its affiliated PACs to $47 million, joining other digital asset heavyweights like Coinbase and Ripple in deploying financial resources against anti-crypto rhetoric in Washington.
“As an industry, we need to keep up the momentum and show that the U.S. can lead in creating the next wave of blockchain innovation,” Dixon wrote on X.
Coming off a big week in DC and a series of election wins for pro crypto candidates, we’re excited to announce an additional $25 million in new contributions to Fairshake and related entities, bringing our total to $47 million. 🇺🇸
This contribution along with others from the…
— cdixon.eth (@cdixon) May 30, 2024
Fairshake backs bipartisan aspirants and lawmakers, a decision that Uniswap Labs CLO Marvin Ammori said the nascent industry should emulate. During a debate with Messari CEO Ryan Selkis at the blockchain conference, Ammori emphasized that crypto must not tie itself to any political party. A nonpartisan stand could also be the best case for the industry, Ammori said.
A16z Crypto and industry stakeholders join hands
Following a record high for crypto lobbying last year, Fairshake has received tens of millions in donations from blockchain industry leaders and digital asset providers in 2024.
XRP issuer Ripple pledged $25 million to the Super PAC on May 29, matching last year’s $25 million allocation. Fairshake also received $4.9 million from Gemini exchange co-founders Cameron and Tyler Winklevoss in April.
Crypto companies are flowing millions of revenue into super PACs and their affiliates during an election year that could shape future U.S. digital asset policies. The crypto voting block has become prominent as nearly half of American voters either own digital assets or consider blockchain a motivating factor when considering candidates, according to a poll cited by crypto.news in March.
Digital asset adoption is also at a crossroads, with regulators like the U.S. SEC and policymakers like Senator Elizabeth Warren cracking down on service providers. Meanwhile, spot Bitcoin ETFs have clearly shown a demand for these virtual currencies and their underlying technology.
