VC firm Andreessen Horowitz (a16z) donated $25 million to Fairshake and related entities, a16z crypto Managing Partner Chris Dixon said on May 30.Dixon said the donation would help Fairshake support bipartisan US candidates, promote entrepreneurship, and advance clear rules for digital assets.He added:“…we need to keep up the momentum and show that the U.S. can lead in creating the next wave of blockchain innovation.”The transaction is not listed on the Federal Election Commission (FEC) website. A report from Bloomberg states that the company confirmed Dixon’s original announcement.The latest donation brings a16z’s total FairShake donation to $47 million, following a previous donation estimated at $20 million. Company founders Ben Horowitz and Marc Andreessen personally donated $9.5 million each to Fairshake in 2023.Crypto has become an election issue in the US amidst the latest donations.Republican presidential candidate Donald Trump recently declared himself “positive and open-minded to cryptocurrency companies” and began to accept crypto donations for his campaign.Meanwhile, the Biden administration is seeking help from the crypto industry to revamp its policy for the digital asset industry. The change represents a shift from the Democratic Party’s past strategy, defined by enforcement efforts from Gary Gensler’s SEC and restrictive legislation proposals such as Elizabeth Warren’s Digital Anti-Money Laundering Act.Despite party lines, certain developments have seen bipartisan support, such as a recent House vote on the Financial Innovation and Technology for the 21st Century Act (FIT21).Fairshake’s support of members of both parties, notably including Republican Rep. Dusty Johnson and Democratic Rep. Josh Gottheimer, provides another bipartisan means of supporting crypto.Fairshake 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 urging for supportive crypto regulation.Other donors include Kraken parent Payward Inc., Gemini founders Cameron and Tyler Winklevoss, Coinbase, Circle, Ark Invest, and related individuals.Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Catch the latest in crypto by following us on X. Stay informed on the go.Courts dismissed the case without prejudice, leaving Musk an option to refile the case at a later date.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
