The leader of A16z Crypto has approved a $25 million donation for lobbying at Consensus 2024.

Silicon Valley venture capital firm a16z’s crypto division has raised their contribution to Fairshake, a political action committee supporting blockchain technology.

Chris Dixon, the creator and leader of A16z Crypto, has announced a contribution of $25 million to Fairshake. This super PAC’s purpose is to promote and support pro-crypto regulations in the nation’s capital, Washington, D.C.

This monetary aid will strengthen campaign endeavors for politicians who place importance on maintaining internet freedom, encouraging open-source blockchain progress, and advocating for cryptography in the United States. Dixon declared this at Consensus 2024.

A16z Crypto’s recent and generous contribution has brought their total support for Fairshake and its related PACs to $47 million. This places A16z Crypto alongside prominent figures in the digital asset sector such as Coinbase and Ripple, who are also actively combating negative views towards cryptocurrency in Washington, D.C.

“In order to continue making progress, our industry must show that the United States is capable of spearheading the development of the next phase of blockchain innovation,” stated Dixon on X.

The Fairshake organization advocates for both bipartisan candidates and lawmakers, an approach that Marvin Ammori, the Chief Legal Officer of Uniswap Labs, believes the cryptocurrency industry should also adopt. While speaking at a blockchain conference, Ammori debated with Ryan Selkis, the CEO of Messari, and emphasized the significance of keeping crypto free from political bias in order to effectively support the industry’s goals.

Collaboration between A16z Crypto and key players in the industry
The collaborators include A16z Crypto and notable figures in the industry.

In 2024, Fairshake has received significant contributions from key players in the industry and providers of digital assets, following a year of record-breaking lobbying efforts for crypto in 2023.

Ripple, the company behind XRP, committed $25 million to the Super PAC on May 29, matching their donation from the previous year. In April, the co-founders of Gemini exchange, Cameron and Tyler Winklevoss, also donated $4.9 million to Fairshake.

In a year of elections, which could impact the future policies of digital assets in the U.S., cryptocurrency companies are contributing large sums of money to super PACs and affiliated groups. According to a survey mentioned in crypto.news in March, a considerable percentage of American voters either possess digital assets or consider blockchain technology as a deciding factor when choosing political candidates.

The utilization of electronic assets is currently at a crucial point, as government entities like the U.S. Securities and Exchange Commission and influential individuals like Senator Elizabeth Warren are implementing measures against service providers. Additionally, the desire for Bitcoin ETFs demonstrates a rising curiosity in digital currencies and their fundamental technology.