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Pro-crypto group Fairshake becomes largest super PAC of election cycle, raising over $200 million

Pro-crypto group Fairshake becomes largest super PAC of election cycle, raising over $200 million

The BlockThe Block2024/07/23 12:19
By:The Block

Quick Take Pro-crypto group Fairshake has become the largest super PAC of this election cycle, according to a monthly filing with the Federal Election Commission. Fairshake raised over $25 million in June, contributing to a total of nearly $203 million for the 2023-2024 period.

Pro-crypto group Fairshake has become the largest super PAC of this United States election cycle, raising over $200 million.

Fairshake raised more than $25 million in June and over $117 million year-to-date, according to a monthly filing with the Federal Election Commission. It has now generated nearly $203 million in total for the 2023-2024 period, surpassing the ​​Make America Great Again super PAC.

Fairshake has made more than $83 million in disbursements so far and has almost $120 million cash on hand as of June 30, according to the FEC.

Fairshake independently supports political candidates and other regulatory endeavors to provide clearer legal frameworks for blockchain technology in the United States and has received substantial donations from crypto firms in the run-up to November’s election.

The majority of Fairshake’s receipts last month appear to have come from crypto exchange Coinbase , who announced a $25 million donation to the super PAC on June 3. “We, along with others in the industry, have helped fund Fairshake SuperPAC to help elect pro-crypto candidates, and defend the rights of our customers,” the crypto exchange said at the time, emphasizing that support for candidates will not benefit one party over another.

Coinbase’s contribution came just a week after web3 venture firm a16z crypto donated an additional $25 million to Fairshake, bringing its total donations to the super PAC “and related entities” up to $47 million. Crypto payments firm Ripple also donated $25 million to Fairshake in May after initially donating $25 million to the committee in 2023. 

Additionally, Fairshake received a total of $4.9 million in funding from Gemini co-founders Cameron Winklevoss and Tyler Winklevoss in February.

Unlike traditional PACs, super PACs are not allowed to donate money directly to political candidates, and their spending must be independent of the candidates they support. Left-leaning group ActBlue is the largest PAC overall, with almost $1.6 billion in receipts for the 2023-2024 period, followed by the conservative PAC WinRed with $920 million.

President Biden drops out

In related news, Joe Biden dropped out of the U.S. presidential race on Sunday, offering his "full support and endorsement" for Vice President Kamala Harris to replace him as the Democratic Party's nominee.

On the decentralized prediction platform Polymarket , Biden’s odds to win the election unsurprisingly fell below 1%, while Kamala Harris now stands at 31%, with Republican nominee Donald Trump's odds at 65%.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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