According to new Federal Election Commission data released on July 20, crypto super PAC Fairshake has surpassed $200 million in contributions, making it the wealthiest of its kind ahead of the November 2024 presidential election.
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 goal in the cryptocurrency space is a major factor in its ascent to prominence in the financial industry.
The PAC, which was established in 2023 by a few cryptocurrency companies, advocates for “a clearer regulatory and legal framework” for the blockchain industry and “supports candidates committed to securing the United States as the home to innovators building the next generation of the internet.”
Since its inception, a number of prominent figures in the cryptocurrency industry have supported the PAC that supports digital assets.
The cryptocurrency industry Super PAC Fairshake is now #1 out of all Super PACs by total funds raised.
— Molly White (@molly0xFFF) June 21, 2024
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
After making a similar donation in 2023, Ripple most recently gave $25 million to the war chest in May.
Meanwhile, the digital asset PAC has reportedly received $250,000 from each of Gemini co-founders Tyler and Cameron Winklevoss, also known as the Winklevoss twins.
The 2024 Presidential Election Heats Up
A growing trend of Silicon Valley leaders moving their support to the right before the 2024 election is reflected in this spike in political activity backed by cryptocurrency.
Part 1
— Mark Cuban (@mcuban) July 17, 2024
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.…
In a July 17 post on X, Billionaire Mark Cuban called the tech sector’s growing right-wing emergence “a bitcoin play.”
Cuban says it would be “easier to operate a crypto business because of the inevitable, and required, changes at the United States Securities and Exchange Commission (SEC)” if Republican nominee Donald Trump were to win the November election.
Cuban went on, “You can not align the stars any better for a BTC price acceleration when you combine that with global uncertainty as to the geopolitical role of the USA, and the impact on the US Dollar as a reserve currency.”
Regulatory Uncertainty: The Stakes for the Future of Crypto
Members of the crypto community have long criticized the SEC for its regulation-by-enforcement strategy regarding digital assets, which is led by SEC Chair Gary Gensler.
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.
Current Democratic candidate Kamala Harris has not yet stated her position on cryptocurrencies, despite current President Joe Biden’s support for a regulatory-friendly approach to digital assets.
As the 2024 election cycle progresses, it is important to consider how Fairshake and its selected candidates will affect the direction of U.S. cryptocurrency regulation.