Chris Dixon, the Crypto Asset Management Partner at a16z, announced on May 30th that the venture capital firm Andreessen Horowitz (a16z) has donated $25 million to Fairshake and its related entities.
Dixon stated that this donation will help Fairshake support bipartisan candidates in the United States, promote entrepreneurship, and drive the establishment of clear regulations for digital assets.
“We need to maintain this momentum and demonstrate that the United States can lead the next wave of blockchain innovation,” Dixon added.
Although the Federal Election Commission (FEC) website does not list this transaction, Bloomberg’s report confirmed Dixon’s donation statement.
The latest donation brings a16z’s total contributions to Fairshake to $47 million, with previous donations estimated at $20 million. In 2023, the company’s founders, Ben Horowitz and Marc Andreessen, each donated $9.5 million to Fairshake.
In the latest donation, crypto assets have become a topic in the U.S. presidential election.
Republican presidential candidate Donald Trump recently announced his “positive and open attitude towards crypto asset companies” and started accepting donations in crypto assets for his campaign.
Meanwhile, the Biden administration is seeking the help of the crypto industry to modify its policies on digital assets.
This change represents a shift in the Democratic Party’s strategy, as the U.S. Securities and Exchange Commission (SEC) led by Gary Gensler has previously proposed some restrictive legislative proposals, such as Elizabeth Warren’s “Digital Anti-Money Laundering Act.”
Despite the partisan divide, certain developments have received support from both parties, such as the recent vote in the House of Representatives on the “Financial Innovation and Technology Act of the 21st Century” (FIT21).
Fairshake has gained support from bipartisan lawmakers, particularly Republican Representative Dusty Johnson and Democratic Representative Josh Gottheimer, providing another avenue for bipartisan support of crypto assets.
Fairshake has raised nearly $92.9 million during the 2023 and 2024 periods. On May 29th, Ripple announced a $25 million donation to Fairshake, bringing its total donations to $50 million and urging support for crypto asset regulation.
Other donors include Payward Inc., the parent company of Kraken, Gemini founders Cameron Winklevoss and Tyler Winklevoss, Coinbase, Circle, Ark Invest, and other individuals.
