The cryptocurrency industry in the United States intends to support political candidates endorsing crypto-friendly policies. Through the Fairshake Political Action Committee (PAC), a non-profit organization advocating social and economic justice, recent fundraising has amassed over $78 million from prominent venture firms, exchanges, and leaders in the crypto sector.
Noteworthy contributors encompass Andreessen Horowitz, Ark Invest, Coinbase, Circle, Ripple, and others. These funds are earmarked to assist bipartisan campaigns in the 2024 federal elections, with crypto donors aiming to catalyze updates to financial rules in response to the shortcomings of legacy systems for younger generations.
Fairshake reports that a mere 9 percent of Americans express satisfaction with the current status quo. Within the 18-40 age group, a meager 7 percent believe the existing framework suits their needs. This expanding demographic is poised to constitute a majority of eligible voters in the coming years, with over half already engaging with crypto to some extent.
In a bid to showcase grassroots momentum, Fairshake aims to enlist one million members. Within the past few months, 215,000 supporters have registered to advocate for policies supportive of crypto. The proceeds from donations will be directed towards candidates recognizing the necessity for responsible oversight of the crypto industry.
Fairshake reports that 19% of Millennials and 9% of Gen Z adults believe the American Dream is attainable. Furthermore, 51% of this demographic is inclined to support candidates favorable to crypto in the upcoming 2024 elections.The 2024 elections carry significant weight for the crypto industry, as voters face a choice between candidates who grasp the importance of a more inclusive and efficient financial system and those who advocate for traditional, less flexible financial institutions.
