Nikolas Sargeant
In preparation for the upcoming 2024 U.S. election cycle, prominent figures and entities in the cryptocurrency realm are rallying behind candidates who advocate for pro-cryptocurrency policies. Ripple CEO Brad Garlinghouse has publicly declared the company's commitment to endorsing "pro-crypto" candidates during this electoral season. As part of a collective effort, various industry players have pledged a substantial sum of $78 million to support the Fairshake political action committee (PAC).
Fairshake, in turn, has revealed that several leading cryptocurrency firms and key figures have contributed to a significant financial pool aimed at endorsing candidates who prioritize American crypto and blockchain innovation and responsible regulation in the upcoming elections.
Among the contributors are notable names such as Coinbase CEO Brian Armstrong, Tyler and Cameron Winklevoss, Circle, Coinbase, Kraken, Messari, and Andreessen Horowitz (a16z). Expressing his concerns on Twitter, Garlinghouse criticized regulatory overreach in the U.S., emphasizing Ripple's commitment to lead alongside other industry leaders in supporting candidates advocating for favorable industry regulation in 2024.
Highlighting the negative trajectory prompted by regulatory overreach, Garlinghouse stressed the importance of promoting leaders who champion innovation and advocate for responsible regulation. He called for initiatives fostering transparency, innovation, and a compliance-first approach within the cryptocurrency industry, which has been grappling with regulatory challenges in the U.S. over the past two years.
The Securities and Exchange Commission (SEC) has particularly drawn criticism for its "regulate-by-enforcement" strategy, with both Coinbase and Binance.US facing separate legal proceedings in 2023 for alleged securities offering violations.
Chris Dixon, founder and managing director of Andreessen Horowitz (a16z), announced the firm's commitment to contribute to the Fairshake PAC in 2024. The PAC's mission is to elect leaders who support considerate crypto regulation, striking a balance that prioritizes consumer protection.
Dixon outlined the ongoing battle in Washington over the future of blockchain technologies, emphasizing the need for a nuanced approach that neither bans the technology nor leaves it without any constraints. The coalition aims to raise funds to support the PAC and work towards establishing clear regulations that foster technological innovation while addressing issues related to bad actors. Politico reports that the Fairshake PAC has already invested $1.2 million in television advertising campaigns in the United States.
