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a16z co-founders Marc Andreessen and Ben Horowitz are reportedly endorsing Donald Trump and his VP pick, JD Vance, boosting their political influence.
a16z Joins Growing Support for Trump
Tuesday, The Information reported that the co-founders of the crypto venture capital firm a16z, Marc Andreessen and Ben Horowitz, want to make substantial contributions in favor of the presidential campaign of former US President Donald Trump.
After Trump nominated Ohio Senator J.D. Vance for vice president, the co-founders allegedly sent an internal email to a16z staff with the news. Before the US presidential election in November, neither of the co-founders had said which candidate they intended to back.
The Financial Times shares that Andreessen and Horowitz have joined a growing number of tech CEOs and venture capitalists in endorsing Trump through donations to America PAC, a PAC that supports Trump's campaign. Reports indicate that insiders in Silicon Valley have contributed about $9 million to the PAC.
Tech Leaders Rally Behind Trump
With Vance as his running mate, Republican presidential nominee Trump has strengthened his already substantial support in the tech industry. Elon Musk, CEO of Tesla, took to the X platform on Sunday to publicly endorse the candidacy of the former president, and soon after calling Trump's choice for vice president a "excellent decision," he made the same comment.
Vance, an experienced venture entrepreneur, is one of the most vocal proponents of cryptocurrency in the Senate. The advocacy group Stand With Crypto, which was founded by Coinbase and in which a16z has a stake, rates him as a staunch advocate for the industry.
Cointelegraph shares that since 2013, A16z has invested more than $7 billion into Web3, and in 2022, they concluded their fourth fund with $4.5 billion in funding. Among the several cryptocurrencies in the company's vast holdings are Avalanche, Coinbase, EigenLayer, Lido, MakerDAO, Optimism, and Uniswap.
Vance’s Legislative Efforts
According to reports, Vance distributed a version of the Senate bill in June that was even more crypto-friendly than FIT21, the House bill that had the support of the sector. He has also been outspoken in his criticism of the US Securities and Exchange's treatment of cryptocurrency businesses.
Truth Social, owned by Trump Media and Technology Group, is where Trump first made his bold claim that America "must be the leader in the [crypto] field, there is no second place" in May. Since then, he has been actively courting the cryptocurrency industry. Early in July, the Republican Party's official platform included a pro-crypto stance.
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