Surpassing over $200 million in contributions, crypto super PAC Fairshake now stands as the wealthiest such entity ahead of the November 2024 presidential election, according to new Federal Election Commission data released on July 20.
This total, per FEC data, includes $160 million from individual contributions and $83 million in disbursements.
Fairshake: A Crypto Powerhouse Takes Center Stage
Fairshake’s rise as a financial heavyweight is deeply rooted in its mission within the crypto sphere.
Created by a handful of crypto companies in 2023, the PAC “supports candidates committed to securing the United States as the home to innovators building the next generation of the internet” while pushing for “a clearer regulatory and legal framework” for the blockchain sector.
Several key players in the crypto space have backed the digital asset-friendly PAC since its launch.
The cryptocurrency industry Super PAC Fairshake is now #1 out of all Super PACs by total funds raised.
They’ve raised more than $175 million to influence upcoming elections in the US, and have more than $100 million of it still waiting to deploy. pic.twitter.com/SBfMVzBS6G
— Molly White (@molly0xFFF) June 21, 2024
Most recently, Ripple donated $25 million to the war chest in May after having donated the same amount in 2023.
Meanwhile, Gemini co-founders Tyler and Cameron Winklevoss (better known as the Winklevoss twins) have each reportedly given $250,000 to the digital asset PAC.
The 2024 Presidential Election Heats Up
This surge in crypto-backed political activity coincides with a growing trend of Silicon Valley leaders shifting their support rightward ahead of the 2024 election.
Part 1
Here is a contrary opinion on the emergence of Silicon Valley support for former President Trump. Which like all my opinions on here, probably won’t be popular.
It’s a bitcoin play.
Not because the former President is a far stronger proponent of crypto. That’s nice.…
— Mark Cuban (@mcuban) July 17, 2024
In a July 17 post on X, Billionaire Mark Cuban called the tech sector’s growing right-wing emergence “a bitcoin play.”
Should Republican nominee Donald Trump win at the ballot box in November, Cuban suggests it would become “easier to operate a crypto business because of the inevitable, and required, changes at the United States Securities and Exchange Commission (SEC).”
“Combine that with global uncertainty as to the geopolitical role of the USA, and the impact on the US Dollar as a reserve currency, and you can’t align the stars any better for a BTC price acceleration,” Cuban continued.
Regulatory Uncertainty: The Stakes for the Future of Crypto
Spearheaded by SEC Chair Gary Gensler, the SEC has long come under fire by members of the crypto community for its regulation-by-enforcement approach to digital assets.
Trump has largely taken a pro-crypto stance on the campaign trail, with anticipation building around a potential announcement involving Bitcoin at the Bitcoin Conference 2024.
While current President Joe Biden has favored a regulation-friendly approach to digital assets, current potential Democratic nominee Kamala Harris has yet to provide her stance on cryptocurrencies one way or the other.
The influence of Fairshake and its chosen candidates on the future of U.S. crypto regulation is a key point of observation as the 2024 election cycle unfolds.
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