Outside Source
Andreessen Horowitz’s digital asset division, a16z crypto, announced it would allocate $23 million to support digital asset policy formation after the U.S. general elections.
A16z managing partner Chris Dixon disclosed that the venture capital giant would contribute additional funds to crypto-focused Fairshake and its affiliated PACs for the 2026 U.S. mid-terms. Dixon explained that the firm’s decision stems from a non-partisan, long-term view on cryptocurrency policy in Washington and a commitment to supporting pro-blockchain politicians.
Regardless of what happens in the 2024 elections, 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.
Chris Dixon.
Dixon added that a16z aims to challenge efforts to “box out Congress from regulating crypto.” The firm will support this stance with meetings on Capitol Hill to advocate for blockchain’s benefits, Dixon wrote in a blog post.
Many digital asset advocates argue that agencies like the Securities and Exchange Commission and the U.S. Treasury Department have bypassed clear rule-making processes in favor of arbitrary enforcement actions and crackdowns.
Fairshake has become one of crypto’s preferred super PACs during the 2024 election cycle as the industry seeks to challenge the status quo and push for reasonable regulations. Firms such as a16z, Coinbase, Gemini, and Ripple have invested millions in Fairshake’s bipartisan lobbying efforts to elect crypto-friendly legislators across various states.
The crypto industry has outspent every other sector this election, donating over $190 million to candidates from both parties. Reports suggest that Congressional contests have captured the bulk of crypto’s election cash.
As such, industry leaders like Coinbase CLO Paul Grewal opined that America would witness its first pro-crypto congress, regardless of who sits in the White House.
This article first appeared at crypto.news
