The Early Bird Catches the Worm: Crypto Companies Gear Up for 2026 Midterm Elections
As the 2024 U.S. presidential election continues, a new wave of fundraising efforts is underway, with politically-minded crypto companies setting their sights on the 2026 midterm elections. Venture capital firm Andreessen Horowitz (also known as a16z) has donated another $23 million to pro-crypto super political action committee (PAC) Fairshake for the 2026 midterm election cycle.
A Commitment to Supporting Policymakers
According to Chris Dixon, a partner at a16z and founder of its crypto division, the firm’s commitment to supporting policymakers is unwavering. Regardless of the outcome of the 2024 elections, Dixon emphasized that a16z remains dedicated to backing politicians from both parties who will work towards establishing a practical regulatory framework for the industry.
"We’re committed to supporting policymakers, irrespective of party affiliation, who will work to establish a practical regulatory framework that protects consumers while allowing the industry to grow," Dixon wrote in a blog post. This commitment is reflected in a16z’s continued support for Fairshake and its affiliated PACs.
Fairshake’s War Chest Grows
With a16z’s fresh contribution, Fairshake and its affiliated PACs – Protect Progress (a Democrat-oriented group) and Defend American Jobs (a Republican-oriented group) – now have $78 million in their coffers for the 2026 midterm elections. This significant fundraising effort is part of a larger trend, as other crypto companies are also jumping on the bandwagon.
Crypto Exchange Coinbase Joins the Fray
Just last week, crypto exchange Coinbase committed $25 million to Fairshake. According to a Fairshake spokesperson, the group has an impressive ‘$30 million in the bank.’ This latest contribution brings Coinbase’s total commitment to Fairshake close to $75 million, solidifying its position as one of the largest donors to the PAC.
A16z and Fairshake: A Longstanding Partnership
This is not the first time a16z has donated to Fairshake. As a repeat donor, a16z’s new contribution brings their total commitment to about $60 million. The firm’s ongoing support for Fairshake reflects its dedication to promoting a favorable regulatory environment for the industry.
Ripple Takes Aim at 2026 Elections
Crypto firm Ripple has also been a significant contributor to Fairshake in the past, donating $50 million to the PAC for the 2023-2024 election cycle. When asked about their plans for future donations, a representative for Ripple stated that the company intends to remain a strong force in Washington D.C. for years to come.
"While we do not have any fundraising news to share at this time," the spokesperson said, "we are committed to continuing our advocacy efforts and supporting policymakers who will help shape the regulatory landscape."
Other Crypto Companies Join the Ranks
Fairshake’s donor list also includes other prominent crypto companies such as Jump Crypto, Circle, and Kraken. These firms have all contributed significant amounts to the PAC in previous election cycles.
A Look Ahead: 2026 Midterm Elections
As the fundraising efforts continue, one thing is clear – the crypto industry is eager to make its voice heard in Washington D.C. The question on everyone’s mind is what impact these efforts will have on future elections and policy-making decisions.
Timeline of Events
- 2023-2024 election cycle: Fairshake raises over $200 million, with Coinbase being the single biggest donor.
- 2026 midterm election cycle: a16z donates an additional $23 million to Fairshake, bringing their total commitment to about $60 million.
- 2026 midterm election cycle: Coinbase commits another $25 million to Fairshake.
Key Players
- Fairshake: A pro-crypto super PAC with affiliated PACs Protect Progress and Defend American Jobs.
- Andreessen Horowitz (a16z): A venture capital firm that has donated $23 million to Fairshake for the 2026 midterm election cycle.
- Chris Dixon: Partner at a16z and founder of its crypto division.
Conclusion
The early bird catches the worm, and in this case, it’s clear that crypto companies are eager to make their mark on future elections. With significant fundraising efforts underway, the impact of these efforts will be felt for years to come. As the industry continues to grow and evolve, one thing is certain – the crypto community will remain a powerful force in Washington D.C.
Note: The article was updated on November 4, 2024, at 17:30 UTC to reflect an error in Coinbase’s donation amount.
