The crypto industry has made a significant push to influence the political landscape in the United States, with major players like Andreessen Horowitz (a16z), Ripple, and Coinbase contributing substantial amounts to crypto-focused super political action committees (PACs).
This week, the industry’s donations surpassed $136 million, putting it on par with many other major industries in terms of campaign contributions.
TLDR
- Andreessen Horowitz (a16z) donated $25 million to crypto-focused super PACs, bringing their total contributions to $47 million.
- In 2023, a16z founders Marc Andreessen and Ben Horowitz personally donated $19 million to the Fairshake super PAC and $3 million to other associated PACs.
- Ripple also donated $25 million to Fairshake, in addition to a $20 million donation in December 2023.
- Coinbase was the largest contributor to Fairshake in 2023, donating $46.5 million.
- The crypto industry’s donations to PACs have surpassed $136 million, rivaling other major industries in campaign contributions.
Venture capital firm a16z announced a donation of $25 million to crypto-focused super PACs, bringing their total campaign contributions to $47 million.
In 2023, a16z founders Marc Andreessen and Ben Horowitz personally donated a combined $19 million to the Fairshake super PAC under their own names.
Additionally, the pair contributed $1.5 million each to the associated super PACs Defend American Jobs and Protect Progress.
Ripple, a leading blockchain company, has also been a significant contributor to the crypto industry’s political efforts.
On Wednesday, Ripple announced a $25 million donation to Fairshake, following a previous $20 million donation in December 2023.
These contributions from a16z and Ripple have put the companies at comparable levels as the leading backers of Fairshake and its affiliates, with each donating nearly $50 million.
Coinbase, the popular cryptocurrency exchange, was the largest contributor to Fairshake in 2023, donating a total of $46.5 million under the company’s name, according to Federal Election Commission (FEC) filings.
The combined efforts of these major crypto companies and individuals have elevated the industry to the upper echelon of campaign donors.
According to OpenSecrets.org, if a16z founders Marc Andreessen and Ben Horowitz are viewed as individual contributors, their donations would place them in the current top-10 list of individual U.S. campaign contributors.
The Fairshake PAC and its affiliates, Defend American Jobs and Protect Progress, have already made significant investments in targeted congressional campaigns, supporting crypto-friendly candidates from both political parties.
Their efforts have shown results in primary voting, with several of their backed candidates advancing to the general elections.
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, who will face Republican Steve Garvey in November.
