The group Fairshake, which focuses on cryptocurrency, has received $23 million in funding from a16z Crypto, a venture capital firm. This funding will be used to support bipartisan regulation of cryptocurrencies in the United States. Fairshake has over $78 million in funds for the upcoming Congressional election cycle.
This is the first time that blockchain technology has been a prominent topic for American legislators. a16z Crypto is committed to supporting US policymakers who are working on clear cryptocurrency regulations that protect consumers and allow the industry to grow. The venture capital group believes that it is important for policymakers to meet and listen to those working with blockchain technology, as they are best placed to provide insights into the problems caused by vague legislation and lawsuits.
The group has raised over $200 million during this election cycle with the support of major cryptocurrency firms such as Ripple and Coinbase. Fairshake has run campaigns against anti-cryptocurrency candidates, including California Senate candidate Katie Porter, who lost her primary. a16z Crypto hopes that Fairshake will continue to support the effort to include cryptocurrency in the national conversation.
