Crypto Super PAC Fairshake takes top funding spot, beats MAGA — OpenSecrets

Alex O’Donnell5 hours agoCrypto Super PAC Fairshake takes top funding spot, beats MAGA — OpenSecretsThe Coinbase-led advocacy group has raised upward of $202 million so far, according to the political donations researcher.265 Total viewsListen to article 0:00AnalysisOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCoinbase-led political action committee (PAC) Fairshake has raised more funds than any other super PAC in the 2024 United States election cycle so far, according to data from campaign finance researcher OpenSecrets. 

The crypto advocacy group even beat out Republican presidential nominee Donald Trump’s Make America Great Again Inc. (MAGA) super PAC. Fairshake has raised upward of $202 million, with MAGA close behind at $201 million, according to the data.Top Fairshake donors include Coinbase, Ripple and a16z. Source: OpenSecrets

Fairshake’s political expenditures exceed $14 million to date, with some $10 million spent on successfully contesting Katie Porter’s senatorial campaign in California, OpenSecrets says. It has also spent more than $2 million contesting Jamaal Bowman’s ongoing House campaign in New York.

Fairshake, whose mission includes “providing blockchain innovators the ability to develop their networks under a clearer regulatory and legal framework,” according to its website, is backed by a litany of big-name crypto firms.

Coinbase has donated upward of $46 million to the cause, including $1 million from individual employees. It is closely followed by Ripple, which donated $45 million. Individual donors affiliated with venture firm Andreessen Horowitz — reportedly including co-founders Marc Andreessen and Ben Horowitz — gave some $44 million to the PAC.

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Coinbase also leads the advocacy group Stand With Crypto, which endorses specific candidates and advocates for purportedly pro-industry policies. The group has endorsed candidates in 22 federal House and Senate campaigns.

According to its website, Stand With Crypto endorses candidates from both sides of the aisle but exhibits a moderate preference for Republicans. It rates Financial Innovation and Technology for the 21st Century Act, a crypto bill in the House, as “very pro crypto.” 

Crypto industry advocates notched a significant win on July 27 when Trump — speaking at the Bitcoin 2024 conference in Nashville — declared his intent to create a “strategic Bitcoin reserve” and “fire” Securities and Exchange Commission head Gary Gensler. The SEC chair is known for taking a tough stance on perceived infractions by crypto firms.

Magazine:Coinbase will not mention ‘crypto’ in five years: Avichal Garg, X Hall of Flame# Bitcoin# Blockchain# Cryptocurrencies# Law# Politics# Business# Government# Funding# Technology# SEC# Bitcoin Regulation# United States# Cryptocurrency Exchange# Donald Trump# RegulationAdd reaction