Fairshake, a super political action committee (PAC) in the United States that supports cryptocurrencies, has received a generous $25 million donation from Ripple. This contribution adds to the $25 million that Ripple previously donated to Fairshake in 2023. With this new donation, Fairshake has become the richest nonpartisan super PAC in the 2024 election cycle, and it ranks as the third richest overall, having raised between $102 million and $110 million.
Fairshake describes itself as a supporter of candidates who are dedicated to making the United States a hub for technological innovation in the next generation of the internet. However, it is clear that the PAC has a strong focus on cryptocurrencies, as many prominent figures from the crypto world are among its contributors.
According to Open Secret, a source that tracks political contributions, Fairshake has received donations from various individuals and organizations. Some notable contributors who have donated less than $1 million include Phil Potter, a former executive at Bitfinex, who donated twice for a total of just under $2 million. Additionally, Fred Ersham and Matt Huang from Paradigm, Wences Casares from Xapo Bank, executives from Electric Capital, the a16z-backed Lightspark Group, and billionaire Cathie Wood’s ARK Invest have also made donations.
Fairshake has reportedly supported several politicians, including Patrick McHenry, Dusty Johnson, Wiley Nickel, and others. On the other hand, it has actively worked against progressive candidate Katie Porter from California.
While Fairshake claims to be nonpartisan, Open Secret’s data suggest that the PAC has predominantly used its funds to oppose Democratic candidates, without opposing any Republicans. It has spent $629,646 to support Democrats and $551,675 to support Republicans. As a super PAC, Fairshake is not allowed to directly contribute to candidates or coordinate its activities with them.
Coinbase, a popular cryptocurrency exchange, has also established its own PAC called Stand with Crypto, which independently donates to Fairshake. Stand with Crypto has a more grassroots foundation, with at least $87.2 million gathered from its approximately 860,000 members. Its largest donation came from MoonPay, amounting to $1 million, followed by a $20,000 donation.
In the world of cryptocurrencies, there is an ongoing battle between regulators, such as the Securities and Exchange Commission (SEC), and those advocating for the industry’s growth. This battle has been likened to the clash between Godzilla and Kong, highlighting the legal firepower possessed by the crypto community.