Jump Crypto has added $10 million to the Fairshake PAC, bringing the total funds to $169 million to support pro-crypto candidates.
The Fairshake PAC aims to elect crypto-friendly members of Congress to enact responsible regulations.
Recent congressional votes have helped identify pro-crypto legislators, with ratings assigned by Stand With Crypto.
This donation brings the total funds raised by Fairshake and its affiliated PACs to approximately $169 million, with $109 million still available to spend.
Objectives of the Fairshake PAC
The Fairshake PAC aims to support pro-crypto candidates in Congress to advance legislation favorable to the cryptocurrency industry.
The crypto and blockchain communities have truly come together to form a durable bipartisan coalition and an effective operation built for the long term.
Josh Vlasto, PAC spokesperson
He added that the PAC would continue to support candidates committed to working with the industry to adopt responsible regulations, stimulate innovation, create jobs, and maintain America’s global leadership.
Contributions and Support
In addition to Jump Crypto’s donation, other major crypto companies such as Coinbase, Ripple, and Andreessen Horowitz have recently contributed $25 million each. The PAC has no intention of supporting presidential candidates, preferring to focus on proven pro-crypto Congressional candidates.
Recent votes in Congress on digital asset-related initiatives have provided clear indicators of lawmakers’ support for this industry.
Legislative Initiatives
In May, the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21), the first significant legislation on crypto oversight to clear one of the chambers of Congress. While its chances in the Senate are limited, this vote allowed the industry to gauge which House members support cryptocurrency regulations.
Furthermore, both chambers voted to overturn the SEC’s Staff Accounting Bulletin No. 121 (SAB 121), a controversial policy on crypto accounts. Although the effort was blocked by a veto from President Joe Biden, it revealed that 11 Democratic senators were willing to join Republicans in challenging the SEC’s policy and the White House’s preference.
Evaluation of Legislators
These votes have helped cryptocurrency advocacy groups evaluate lawmakers. Stand With Crypto, an advocacy group launched by Coinbase, maintains a rating system for politicians. For example, Senator Mark Warner received a rating of ‘D’ for voting against the SAB 121 resolution, while Senator Chuck Grassley received a rating of ‘B’ for his support.
Sabrina Siddiqui, spokesperson for Stand With Crypto, said that these recent votes have helped educate their supporters about politicians’ positions on cryptocurrencies. The organization reached over one million online members several months earlier than expected due to the interest generated by these key votes. This week, Stand With Crypto added 22 new endorsements, all with ‘A’ ratings.
