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Crypto super PAC raises $78 million to influence US elections

Crypto super PAC raises $78 million to influence US elections

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The US cryptocurrency industry plans to back political candidates who support crypto-friendly policies. Recent fundraising has collected over $78 million from leading venture firms, exchanges, and leaders in the crypto industry through the Fairshake Political Action Committee (PAC), a non-profit organization advocating social and economic justice.

Notable contributors include Andreessen Horowitz, Ark Invest, Coinbase, Circle, and Ripple, among many others. The funds aim to aid bipartisan campaigns in the 2024 federal elections. Crypto donors seek to spur updates to financial rules as legacy systems fail younger generations. 

Just 9 percent of Americans feel satisfied with the status quo, per Fairshake. Among 18-40 year olds, only 7 percent think the current framework works for them. This growing demographic will comprise a majority of eligible voters within the coming years. Over half already use crypto to varying degrees.

Fairshake aims to sign up one million members to demonstrate grassroots momentum. So far, 215,000 supporters have registered within the past few months to advocate for crypto-forward policies. Donation proceeds will target candidates acknowledging the need for responsible crypto oversight.

According to Fairshake, 19% of Millennials and 9% of Gen Z adults – feel the American Dream is achievable. And half (51%) of them will likely throw their weight behind crypto-friendly candidates in 2024. 

The 2024 elections hold great importance for the crypto industry. Voters must choose between candidates who understand the significance of a more inclusive and efficient financial system and those who support traditional, less flexible financial institutions.

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