Crypto Executives Raise $78 Million to Support Pro-Crypto Candidates
A group of three super PACs, backed by prominent figures in the cryptocurrency industry, has raised $78 million to influence the 2024 elections and support candidates who are friendly towards crypto.
Super PACs are political action committees that collect campaign contributions and donate them to campaigns for or against candidates or legislation.
Crypto Campaigning Revival
According to Politico, venture capital firm Andreessen Horowitz (a16z), Coinbase, and early Bitcoin adopters Cameron and Tyler Winklevoss are supporting the campaign. Other notable backers include Ark, Blockchain Capital, Circle, Kraken, Messari, Paradigm, Ripple, Ron Conway, and Fred Wilson.
This effort marks a revival of crypto political operations following the decline of Sam Bankman-Fried. Its purpose is to support policymakers who are pro-crypto in the face of increased regulatory scrutiny and criticism from certain senators affiliated with big banks.
Kara Calvert from Coinbase expressed that this shows the serious commitment of the crypto industry to engage in the upcoming elections.
Countering The Big Banks
Chris Dixon from a16z’s crypto fund stated that supporting crypto and blockchain is necessary to counteract the influence of big banks and big tech. Rebecca Rettig from Polygon emphasized the importance of this effort in recognizing that crypto is here to stay and plays a critical role in shaping the future.
Dante Disparte from Circle praised responsible players in the industry for supporting efforts that protect consumers and promote innovation, technological leadership, and job creation in financial services and technology.
Hot Take: Crypto Industry Mobilizes for Political Influence
The cryptocurrency industry is making a significant move to gain political influence by raising $78 million through three super PACs. Backed by major players in the industry, this campaign aims to support pro-crypto candidates in the 2024 elections.
With crypto causing divisions in American politics, this effort serves as a revival of crypto political operations. By backing policymakers who are friendly towards crypto, the industry hopes to counter regulatory scrutiny and opposition from certain senators aligned with big banks.
This commitment from the crypto industry demonstrates its determination to shape the future of regulation and foster innovation in the embryonic crypto industry.
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