Jump Crypto donates $10m to Fairshake PAC

Fairshake PAC aims to support crypto-friendly candidates in the US congressional elections

Adding another $10m to the pro-crypto Fairshake PAC, Jump Crypto has made itself a major player in US politics. In total, it recently donated $15m to support the organization — significantly fortifying the PAC's pockets ahead of the 2024 election cycle.

Defend American Jobs and Protect Progress, along with its other affiliated PACs, have been able to raise nearly $169m thanks to these contributions to Fairshake, making it one of this year's most potent campaigns.

Fairshake PAC has always had a laser-like focus on candidates who are outspoken advocates for cryptocurrency and blockchain technology. Now it boasts an unprecedented $109m war chest. The idea is simple: send pro-crypto candidates into Congress so they can create favorable regulations and laws.

Fairshake spokesperson Josh Vlasto noted that there is unity in the cryptocurrency and blockchain industry. He stressed that this partnership is bipartisan and sustainable. The goal is to support candidates who will enact responsible regulations fostering innovation, creating jobs and keeping America's leading position in the global market intact.

Despite pouring in a huge amount of money, Jump Crypto has been silent about its most recent donation.

Coinbase, Ripple and Andreessen Horowitz have each given $25m recently as part of a trend where major crypto companies are making substantial donations. These donations have significantly boosted Fairshake’s financial strength as well as that of its allied PACs.

Fairshake has made a strategic decision to concentrate on the congressional elections instead of presidential campaigns. This comes at a time when Congress’ stance on cryptocurrency is becoming more defined. Both houses have voted on major crypto-related measures in recent times which gave an indication about where legislators stand.

In May, the House passed the Financial Innovation and Technology for the 21st Century Act (FIT21), the first comprehensive crypto oversight legislation to clear any chamber of Congress. Its future in the Senate is uncertain but this vote showed which members of the House are pro-crypto. Also, both chambers voted to overturn Staff Accounting Bulletin No. 121 (SAB 121) – SEC’s controversial crypto accounting policy – although President Joe Biden eventually vetoed it. This vote was surprisingly bipartisan with 11 Senate Democrats joining Republicans against the SEC policy.

These legislative moves provide good data points for evaluating lawmakers. Coinbase-launched advocacy group Stand With Crypto has created a grading system for politicians based on their voting records on crypto issues. For example, senator Mark Warner got a “D” for voting against SAB 121 resolution while senator Chuck Grassley received a “B” for his supportive vote.

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Written by Silvia Pavlof

Silvia has explored various forms of writing, ranging from content creation for social media to crafting movie scripts. Drawing on her experience as a journalist specializing in the gambling sector, she is currently investigating the impact of cryptocurrencies and blockchain on traditional gambling and iGaming.