Digital Asset Executives Raise $78 Million to Support Pro-Crypto and Responsible Regulations in 2024

cryptonews.com:

Fairshakes has raised $78 million to fund pro-crypto legislators and support leaders who support blockchain innovation in the United States.

A Dec 18 press release states the firm’s commitment to drive developments and positive policies around the industry after it announced a $78 million fund total in Q4 2023.

Fairshakes, a federal super political action committee (PAC), and its affiliates announced the first round of funds to support US Senate and House candidates across party lines in an attempt to streamline regulations and shape the entire landscape after long periods of uncertainty.

“Embracing the transformative potential of the American crypto community, Fairshake is dedicated to advancing leaders who are poised to champion innovation and navigate the complexities of responsible regulation in the digital age. ” 

The group has support from several crypto firms and executives including Andreessen Horowitz, Brian. Armstrong, Blockchain Capital, Circle Ron Conway, Coinbase, Kraken, Jump Crypto, etc.

Last year was turbulent for the digital asset market riddled with industry collapses, investor losses, and declining asset prices. The collapse of Terra and Network and the implosion of FTX brought a bad light to the sector among certain regulators and traditional players.

Notably, the activities of former FTX CEO, Sam Bankman-Fried in connection to political donations further contributed to the criticisms blockchain projects faced in recent times, analysts claim.

Several digital asset analysts have also called on executives to increase lobbying strategies to get regulations as the present situation is detrimental to the general market outlook.

Global regulators released multiple guidelines across jurisdictions to protect