Ripple, Coinbase, a16z Pledge $78 Million to Support Pro-Crypto Candidates in 2024 US Elections

The Fairshake political action committee (PAC) announced that major industry firms and individuals, including Coinbase CEO Brian Armstrong, Tyler and Cameron Winklevoss, Circle, Coinbase, Kraken, Messari, and Andreessen Horowitz (a16z), have contributed $78 million to a substantial "war chest" to back candidates who advocate for American crypto and blockchain innovation, as well as responsible regulation, in the upcoming 2024 elections.

This comes as Ripple CEO Brad Garlinghouse took to X to express his disapproval of regulatory overreach in the United States and emphasized that Ripple, along with other industry leaders, will "lead the charge" in supporting "pro-crypto" candidates during the 2024 United States election season.

"Regulatory overreach (esp from the SEC) is actively moving the U.S. in the wrong direction, and other countries are taking full advantage of the lack of US leadership. We need to advance leaders who will champion innovation and spearhead paths towards responsible regulation," Garlinghouse wrote. The Ripple CEO further stressed the need to promote initiatives that foster "transparency, innovation, and a compliance-first approach."

Andreessen Horowitz (a16z) founder and managing director Chris Dixon also announced the firm's contribution to the Fairshake PAC in 2024. Dixon said:

“There is a battle in Washington about the future of blockchain technologies: Certain policymakers believe it should be banned, while other people think it should have no guardrails. Neither of those options will allow the technology to reach its full potential and realign the future of the Internet away from Big Tech to the people who use it.”

Cryptocurrency firms operating in the U.S. have faced challenges in dealing with regulators in recent years. The Securities and Exchange Commission (SEC), in particular, has drawn criticism from industry players for its "regulate-by-enforcement" approach.

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According to Foresight News, the a16z crypto summer research internship program is now open for applications, with a deadline of November 15th. The program offers an opportunity for students and researchers to gain experience in the field of cryptocurrency and blockchain technology.

According to Foresight News, Dynamic Labs, a Web3 identity verification and authorization platform, has completed a $13.5 million financing round led by a16z and Founders Fund. The company was founded by MIT graduates Itai Turbahn and Yoni Goldberg, who serve as CEO and CTO respectively. Dynamic Labs provides technology for cryptocurrency and non-cryptocurrency companies to create seamless login experiences supported by digital wallets. Their clients include NFT company Doodles and blockchain analytics platform Flooz.

Previously, Dynamic Labs completed a $7.5 million seed funding round in 2022, also led by a16z.