Home Editor's Pick Andreessen Horowitz Donates $25M to Crypto-Focused Super PACs

Andreessen Horowitz Donates $25M to Crypto-Focused Super PACs

by

TLDR

Venture capital firm Andreessen Horowitz (a16z) donated $25 million to crypto-focused super PACs, including Fairshake, Defend American Jobs, and Protect Progress.
The donation brings a16z’s total campaign contributions to $47 million, following previous donations from the firm’s founders, Marc Andreessen and Ben Horowitz.
Ripple also recently donated $25 million to Fairshake, bringing its total contributions to $50 million for 2023 and 2024.
Fairshake has raised nearly $93 million during 2023 and 2024, with significant contributions from various crypto companies and individuals.
The super PAC has supported Congressional crypto advocates from both parties and has spent over $11 million on federal election campaigns, notably opposing Democrat Katie Porter’s Senate bid.

Andreessen Horowitz (a16z), a prominent venture capital firm, has made a substantial $25 million donation to crypto-focused super political action committees (PACs), as announced by a16z crypto founder and managing partner Chris Dixon on May 30, 2024.

The donation, which follows previous contributions from a16z founders Marc Andreessen and Ben Horowitz, brings the firm’s total campaign contributions to $47 million.

The latest donation comes just a day after Ripple, a leading cryptocurrency company, also donated $25 million to Fairshake, a pro-crypto super PAC.

Ripple’s total contributions to the PAC now stand at $50 million for 2023 and 2024. Other notable donors to Fairshake include Kraken parent Payward Inc., Gemini founders Cameron and Tyler Winklevoss, Coinbase, Circle, and Ark Invest.

Fairshake has been a significant player in the crypto political landscape, having raised nearly $93 million during 2023 and 2024.

The super PAC has supported Congressional crypto advocates from both parties, including Reps. Tom Emmer (R-Minn.), Josh Gottheimer (D-N.J.), and Dusty Johnson (R-S.D.), who are seeking to retain their seats in the upcoming November elections.

The super PAC’s bipartisan approach aligns with the crypto industry’s efforts to garner support from both Democrats and Republicans as the U.S. elections draw closer.

Crypto has become a prominent election issue, with Republican presidential candidate Donald Trump recently expressing a positive stance towards cryptocurrency companies and accepting crypto donations for his campaign.

Meanwhile, the Biden administration has sought help from the crypto industry to revamp its digital asset policy, signaling a shift from the Democratic Party’s previous enforcement-focused approach.

Between January 2023 and April 2024, Fairshake spent more than $11 million on federal election campaigns, most notably shelling out $10 million to oppose California Democrat Katie Porter’s bid for a U.S. Senate seat. Porter ultimately lost in the March primary to Rep. Adam Schiff (D-CA).

Despite the significant expenditures, Fairshake still has more than $52 million in cash on hand, not including the latest donations from Ripple and a16z.

This substantial war chest positions the super PAC to continue playing a major role in shaping the crypto political landscape leading up to the November elections.

The post Andreessen Horowitz Donates $25M to Crypto-Focused Super PACs appeared first on Blockonomi.

You may also like