A group of super PACs, backed by cryptocurrency executives and investors, has raised around $78 million to support pro-crypto political candidates in the 2024 US elections. This initiative aims to sway the elections in favor of candidates who are supportive of cryptocurrency and blockchain innovation.
Key players in this effort include prominent cryptocurrency firms like Ripple and Coinbase, as well as venture capital giant Andreessen Horowitz (a16z). These entities have pledged significant financial support to the Fairshake PAC, which is leading this campaign.
The CEO of Ripple, Brad Garlinghouse, has emphasized the need for the US to take a more proactive stance in the global cryptocurrency landscape. Fairshake PAC aims to support not only presidential candidates but also candidates for other political offices who favor a more open and innovative approach to cryptocurrency and blockchain regulation.
The PAC has already spent over $1.2 million on television ads supporting House candidates favorable to the crypto industry. These candidates span a range of political ideologies but have shown support for crypto-friendly legislation.
The move to influence the 2024 elections comes at a time when the crypto industry is facing increased scrutiny from federal regulators, particularly the Securities and Exchange Commission (SEC). By backing candidates who are more receptive to the crypto industry, these firms hope to foster a regulatory environment that is more conducive to the growth and legitimization of digital assets.
Despite the controversies surrounding some high-profile crypto companies, the industry recognizes the importance of political engagement to shape policies that could impact its future. In addition to financial contributions, crypto firms also engage in grassroots advocacy campaigns to raise awareness and support for crypto-friendly policies among the general public.
The mobilization of the crypto industry in the political arena reflects a broader trend of tech and finance sectors seeking to influence policy decisions that affect their operations and the future of technology in general.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇺🇦 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Sam Bankman-Fried, None, George Soros, Brad Garlinghouse, Chris Dixon |
| Companies | Ripple, Binance, Andreessen Horowitz (a16z), Fairshake PAC, Coinbase, Securities and Exchange Commission (SEC) |
| Currencies | FintruX, Coinbase Wrapped Staked ETH, BUSD, XRP |
| Securities | None |
