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. This donation, according to Dixon, will help Fairshake support bipartisan candidates in the United States, promote entrepreneurship, and push for clear regulations on digital assets. Dixon added, “We need to maintain this momentum and show that the United States can lead the next wave of blockchain innovation.”
Although the Federal Election Commission (FEC) website does not list this transaction, Bloomberg’s report confirmed Dixon’s donation statement. With this latest contribution, the total donations from a16z to Fairshake have reached $47 million, with previous estimates of $20 million. In 2023, the company’s founders, Ben Horowitz and Marc Andreessen, each donated $9.5 million to Fairshake.
In this latest donation, crypto assets have become a topic in the US 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 the digital asset industry. This change represents a shift in the Democratic Party’s strategy. Previously, the US Securities and Exchange Commission (SEC) led by Gary Gensler 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 by the House of Representatives on the “Financial Innovation and Technology Act of the 21st Century” (FIT21). Fairshake has garnered 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 between 2023 and 2024. On May 29th, Ripple announced a $25 million donation to Fairshake, bringing the total donations to $50 million and urging support for crypto asset regulation.
Other donors include Payward Inc., the parent company of Kraken, Cameron Winklevoss and Tyler Winklevoss, the founders of Gemini, Coinbase, Circle, Ark Invest, and other individuals.