Crypto Industry Invests $78 Million in Super PACs to Back Crypto-Friendly Candidates
As the 2024 elections approach in the United States, cryptocurrency executives and investors have contributed a total of $78 million to three major independent expenditure-only political action committees (super PACs). The goal is to support candidates who are friendly towards cryptocurrencies.
The three pro-crypto super PACs involved in this campaign are Protect Progress, Defend American Jobs, and Fairshake. Fairshake has already spent over $1.2 million on television ads supporting Congress House candidates.
Notably, venture capital firm Andreessen Horowitz, crypto exchange Coinbase, Gemini co-founders Cameron and Tyler Winklevoss, Ripple, Circle, Kraken, and Paradigm are among the major players in the crypto industry that have shown their support for this initiative.
Crypto Executives Aim to Counter Regulatory Overreach
Ripple CEO Brad Garlinghouse expressed optimism about the contribution made by the crypto industry to fight against regulatory overreach and a lack of leadership that hinders the country’s progress in the global crypto and technology scene. Garlinghouse emphasized the need for leaders who champion innovation and responsible regulation.
Kara Calvert, the head of US policy at Coinbase, highlighted the significance of a well-funded and strategically engaged crypto super PAC in the upcoming 2024 elections. She emphasized that it is crucial for the crypto industry to actively participate and make a difference during this time.
Elizabeth Warren’s Anti-Crypto Bill Sparks Opposition
US Senator Elizabeth Warren recently garnered attention by introducing an expanded coalition of support for her Digital Asset Anti-Money Laundering Act. This bill aims to tighten regulations within the growing crypto space. However, it has faced opposition from some members of the crypto industry.
Legal expert John E. Deaton revealed that 20% of the US Senate has already agreed to support Warren’s anti-crypto bill. This includes politicians from both major parties, such as Lindsay Graham, Angus King, and Joe Manchin.
Hot Take: Crypto Industry Invests Heavily in Super PACs to Shape US Politics
The cryptocurrency industry’s investment of $78 million in super PACs demonstrates its commitment to shaping US politics and supporting candidates who prioritize innovation and responsible regulation. By actively engaging in the 2024 elections, crypto executives and investors aim to counter regulatory overreach and drive the country forward in the global crypto and technology landscape. This move highlights the industry’s determination to have a say in policy-making decisions that directly impact the future of cryptocurrencies. As the battle between regulators and the crypto industry intensifies, these significant investments signal a concerted effort by crypto stakeholders to safeguard their interests and promote a favorable regulatory environment.
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