The Political Action Committee (PAC) has successfully gathered a total of $85 million in funding for pro-cryptocurrency politicians to date.

According to a report by Bloomberg on January 31, Coinbase and Ripple are among the major contributors to a super PAC that is dedicated to backing politicians who are supportive of cryptocurrencies.

According to Josh Vlasto, a spokesperson for the PAC, Coinbase has donated $24.5 million to Fairshake, as reported by Bloomberg. Apart from the contributions made by Coinbase, it is reported that Coinbase CEO Brian Armstrong personally contributed $1 million to the PAC. These donations account for approximately one-third of the total $85 million raised by Fairshake so far, as stated in the report.

Vlasto also revealed that Ripple has also made a generous contribution of $20 million to Fairshake. In addition, two venture capital firms, Andreessen Horowitz (a16z) and Electric Capital, have made significant donations of $20 million and $500,000 respectively.

Bloomberg stated that further details regarding Fairshake's donors will be disclosed in an upcoming filing with the U.S. Federal Election Commission.

Donation Amounts Remain Unconfirmed by Firms

Although no specific donation amounts have been publicly confirmed by these companies, Coinbase acknowledged in a blog post published in December that both the company and its CEO, Armstrong, made contributions to Fairshake.

According to Coinbase, Fairshake had raised approximately $78 million at the time. Coinbase also mentioned that Circle, Kraken, Ark Invest, and the founders of Gemini, Cameron and Tyler Winklevoss, were among the many other donors to the super-PAC.

Bloomberg has also obtained a comment today from Collin McCune, the head of government affairs at Andreessen Horowitz. McCune said that supporting bipartisan candidates with long views is an “important part of ensuring that clear rules of the road are developed for blockchain technology and digital assets.”

However, the representative did not confirm the reported donation amount.

Fairshake Backs Up Both Major Parties

Fairshake supports pro-cryptocurrency political candidates from both sides of the political aisle, although it has shown a slight preference for Democratic candidates thus far.

According to current data from OpenSecrets, Fairshake has spent $700,000 on 13 Democratic candidates and $551,000 on eight Republican candidates.

Bloomberg noted that Fairshake's largest spending to date has been directed towards Republican Representative Patrick McHenry, a lawmaker who has been extensively involved in crypto legislation and is set to retire in January 2025.

Other notable funding from Fairshake has been directed towards Republican Representative Tom Emmer, as well as Democratic Representatives Josh Gottheimer and Ritchie Torres.