Ripple, Coinbase, a16z Invest $78M in Pro-Crypto PAC Ahead of US Elections

Ripple CEO Brad Garlinghouse and other industry leaders pledge support for "pro-crypto" candidates

Ripple CEO Brad Garlinghouse has announced that the company, along with other prominent industry players, will be backing "pro-crypto" candidates during the upcoming 2024 United States elections. In total, $78 million has been pledged to the Fairshake political action committee (PAC), which aims to support American crypto and blockchain innovation and responsible regulation.

Pushing back against regulatory overreach

Garlinghouse took to X (formerly Twitter) to express concern over regulatory overreach in the United States and stated that Ripple will be "leading the charge with other industry leaders" to support candidates who advocate for complementary regulation of the crypto industry. He emphasized the need for leaders who champion innovation and responsible regulation, as well as initiatives that promote transparency, innovation, and a compliance-first approach.

A battle for the future of blockchain technology

Cryptocurrency firms operating in the U.S. have faced challenges from regulators, particularly the Securities and Exchange Commission (SEC), over the past two years. The SEC's "regulate-by-enforcement" approach has drawn criticism from industry players. In response, the Fairshake PAC aims to elect leaders who will champion thoughtful crypto regulation that balances consumer protection.

Supporting technological innovation and routing out bad actors

Chris Dixon, founder and managing director of Andreessen Horowitz (a16z), also announced the firm's contribution to the Fairshake PAC. Dixon stressed the importance of finding a middle ground in Washington regarding the future of blockchain technologies. He believes that neither a ban nor unregulated freedom will allow the technology to reach its full potential. The coalition aims to raise funds to support the PAC's efforts in establishing clear rules of the road to support technological innovation and identify and address bad actors.

According to Politico, the Fairshake PAC has already spent $1.2 million on television advertising campaigns in the U.S.