(Bloomberg) -- Venture capital firm Andreessen Horowitz donated $25 million to the political action committee Fairshake, the latest large donation from a digital-asset firm to support crypto-friendly candidates ahead of looming US elections. 

The move shows the crypto industry’s growing political presence before the November presidential and Congressional races. Crypto payments company Ripple Labs announced a $25 million donation to Fairshake on Wednesday. The super PAC paid for attack ads against anti-crypto Democratic Representative Katie Porter, who lost a Senate primary election in California in March. Fairshake and its allied super PACs have raised $135 million with the additional $50 million from Andreessen Horowitz and Ripple, while crypto donors have poured more than $146 million into federal committees since 2023, according to a Bloomberg analysis of Federal Election Commission data. Andreessen Horowitz’s $25 million donation to Fairshake is currently not reflected on the FEC website. 

Chris Dixon, managing partner of the crypto investment arm of a16z, as Andreessen Horowitz is known, disclosed the donation Thursday. The firm confirmed to Bloomberg the accuracy of Dixon’s post, which was on the X social media platform.

The venture firm has also been active in lobbying for crypto in Washington, as well as for the technology and defense industries. It donated $19 million to Fairshake under the name AH Capital Management, FEC records show. The contribution is attributed to its founders, Marc Andreessen and Ben Horowitz, who were each the source of $9.5 million.   

Crypto could prove to be a recurring talking point in the upcoming presidential election. Republican candidate Donald Trump’s campaign is accepting crypto donations and Bloomberg reported Thursday that he and Elon Musk are discussing crypto policy together.

--With assistance from Bill Allison.

(Updates the fourth paragraph to clarify how the donation was listed with the FEC.)

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