The Crypto Super Political Action Commitee Assembles

Several key players within crypto have come together to form a powerful political influence. This coalition includes prominent figures like Coinbase CEO Brian Armstrong and venture capital firm Andreessen Horowitz, along with noted individuals such as Cameron and Tyler Winklevoss. Their aim is to support crypto-friendly candidates in the upcoming 2024 elections, amidst increasing regulatory scrutiny faced by the industry.

Three super PACs (Political Action Committees), financially bolstered by these crypto executives and investors, have collectively raised $78 million. This considerable sum reflects a strategic effort to shape the political landscape in favor of cryptocurrency. The initiative is seen as a revival of the industry’s political engagement following the decline of previous crypto megadonor Sam Bankman-Fried.

The primary objective of this campaign is to endorse candidates who advocate for policies favorable to the cryptocurrency sector. One of these super PACs, named Fairshake, has already invested over $1.2 million in television ads supporting House candidates. The other two super PACs, Protect Progress and Defend American Jobs, are yet to report their independent expenditures.

Kara Calvert, the head of U.S. policy at Coinbase, highlighted the industry’s serious commitment to influencing the 2024 elections. This political drive is crucial for the crypto industry, which is actively lobbying for House GOP bills that seek to legitimize digital assets and establish a new regulatory framework. However, these legislative efforts face challenges in the Senate and from the Biden administration, primarily due to concerns over consumer protection and financial crimes.

Chris Dixon of Andreessen Horowitz emphasized the need for the cryptocurrency and blockchain sectors to establish themselves as influential forces against the traditional lobbies of big banks and tech companies. Although Andreessen Horowitz will not directly control how Fairshake utilizes its donation, the firm supports the PAC’s vision and recently announced its plans to financially back political candidates.

The full donor profile for these groups will be made public with the release of campaign finance disclosures next year. The initial list of contributors includes major players in the crypto industry such as Circle, Kraken, Paradigm, Ripple, Brian Armstrong, and venture capitalists Ron Conway and Fred Wilson.

In addition to these PACs, Coinbase has launched a grassroots advocacy campaign, and more pro-crypto super PACs are expected to emerge in the near future. Calvert stressed the importance of well-funded, effectively managed crypto super PACs that are strategically engaged, signifying Fairshake’s critical role in the political arena for the crypto industry.