VC firm Andreessen Horowitz (a16z) donated $25 million to Fairshake and related entities, announced by a16z crypto Managing Partner Chris Dixon on May 30.

Dixon stated that the donation would support Fairshake in backing bipartisan U.S. candidates, promoting entrepreneurship, and establishing clear rules for digital assets. He emphasized the importance of maintaining momentum to show that the U.S. can lead in blockchain innovation.

The transaction is not listed on the Federal Election Commission (FEC) website, but Bloomberg confirmed Dixon’s announcement. This donation brings a16z’s total contributions to FairShake to $47 million, following an earlier estimated $20 million donation. Company founders Ben Horowitz and Marc Andreessen each personally donated $9.5 million to Fairshake in 2023.

Crypto as a political issue

Crypto has become an election issue in the U.S. with recent donations.

Republican presidential candidate Donald Trump has declared himself supportive of cryptocurrency companies and has begun accepting crypto donations for his campaign.

Meanwhile, the Biden administration seeks assistance from the crypto industry to update its digital asset policy, marking a shift from past enforcement-focused strategies led by Gary Gensler’s SEC and restrictive proposals like Elizabeth Warren’s Digital Anti-Money Laundering Act.

Despite party differences, some developments, such as the recent House vote on the Financial Innovation and Technology for the 21st Century Act (FIT21), have seen bipartisan support. Fairshake’s backing of both Republican Rep. Dusty Johnson and Democratic Rep. Josh Gottheimer offers another bipartisan avenue for supporting crypto.

Fairshake has raised $93 million to date

Fairshake has raised nearly $92.9 million during 2023 and 2024.

On May 29, Ripple announced a $25 million donation to Fairshake, bringing its total donation to $50 million and advocating for supportive crypto regulation.

Other donors include Kraken parent Payward Inc., Gemini founders Cameron and Tyler Winklevoss, Coinbase, Circle, Ark Invest, and related individuals.