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Fairshake, a significant super political action committee (PAC), has successfully gathered $78 million in funding to support political candidates favorable to cryptocurrency and blockchain technology in the upcoming U.S. presidential election. This development was announced in a recent press release.

This fundraising initiative saw contributions from various sources, including affiliated super PACs and prominent supporters such as the venture capital firm Andreessen Horowitz (a16z), ARK Invest, and leading crypto companies like Circle, Ripple, and Coinbase (COIN).

Fairshake operates as a Super PAC, a type of organization that engages in raising funds to endorse and support political candidates, although it is not permitted to directly transfer funds to these candidates. The central aim of Fairshake is to promote and back leaders who advocate for and support the innovative potential of blockchain and cryptocurrency.

With the U.S. presidential election on the horizon, the crypto sector has been vocal about the need for clear and specific regulations tailored to the unique characteristics of the industry. However, recent actions by the U.S. Securities and Exchange Commission (SEC), including the dismissal of Coinbase’s request for bespoke rules for the crypto sector, have highlighted the current regulatory challenges.

Several political figures, including Republicans Vivek Ramaswamy and former Arkansas Governor Asa Hutchinson, as well as Democrat Representative Dean Phillips, have voiced concerns over the SEC’s approach and have called for more precise and tailored regulatory frameworks.

The press release from Fairshake underlined the importance of establishing a “clear regulatory and legal framework for success” to enable the blockchain economy to reach its full potential and flourish.