Regulation
Fairshake Super PAC receives another $10 million from Jump Crypto
Quantitative trading company Jump Crypto has donated a significant amount to the crypto-focused Super Political Action Committee (PAC) Fairshake.
This notable contribution marks broader efforts by industry players to support pro-crypto legislation and candidates.
Fairshake Super PAC War Chest Grows with Jump Crypto Donation
On June 19, Jump Crypto reportedly contributed $10 million to Fairshake, bringing the PAC’s total contribution to $169 million. This follows a previous Don of $5 million in December 2023, according to OpenSecrets data.
Learn more: Crypto regulation: what are the advantages and disadvantages?
List of Fairshake donors. Source: Open Secrets
The PAC obtained contributions from many crypto companies, including Coinbase and Ripple. Additionally, he has received individual donations from notable crypto figures like Marc Andreessen and Ben Horowitz of venture capital firm Andreessen Horowitz (a16z) and the Winklevoss twins of crypto exchange Gemini.
With these resources, Fairshake can launch large-scale campaigns that could significantly impact primary elections and ensure the victory of its preferred candidates in the general election. These funds are essential to supporting incumbents in Congress and crypto-friendly candidates ahead of November elections.
While Super PACs like Fairshake can financially support specific candidates and political parties, U.S. law prohibits them from directly coordinating with campaigns. Fairshake notably chose to focus on the congressional elections, targeting established allies and promising newcomers rather than presidential candidates.
This strategic approach aligns with Stand With Crypto’s efforts, another PAC focused on crypto and blockchain. Stay with Crypto Lately approved 18 additional House and Senate candidates from both parties, aiming to boost pro-crypto representation.
Approved candidates include Kirsten Gillibrand, Rick Scott, Dan Goldman, Young Kim, Blake Masters and Sarah McBride. These candidates have demonstrated a strong understanding of and commitment to blockchain innovation in the United States.
THE significant financial contributions from crypto companies and pro-crypto PACs’ proactive initiatives demonstrate the sector’s commitment to shaping crypto-related policies. This concerted effort aligns with the findings of a recent report from venture capital firm Pantera Capital.
The report suggests that regulatory developments could have a profound impact on the growth and innovation of the crypto sector. For example, approval of a spot Ethereum exchange-traded fund (ETF) and the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) bill are important markers of this potential change.
Learn more: How does regulation impact crypto marketing? A complete guide
“For a while, it seemed like the industry was at a standstill, with no visibility as to when things would move. We are moving now. Although this regulatory framework will undoubtedly be subject to numerous revisions, it represents a promising start. These developments could usher in a new era of crypto innovation, attract a broader base of investors and users, and ensure that the US crypto industry does not lag behind the rest of the world ”, says the report. bed.
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