A group of three super PACs backed by prominent cryptocurrency executives and investors have raised $78 million to influence the 2024 elections and support pro-cryptocurrency candidates.
A super PAC is a political action committee that pools campaign contributions from members and donates them to campaigns for or against candidates or legislation.
Crypto has caused deep divisions within American politics, with one side wanting to restrict and ban it and the other wanting to encourage and foster the embryonic industry.
Resumption of crypto campaigns
December 18, Politico reported that the campaign has the support of venture capital giant Andreessen Horowitz (a16z), Coinbase and early Bitcoin adopters Cameron and Tyler Winklevoss.
Other crypto players supporting the effort include Ark, Blockchain Capital, Circle, Kraken, Messari, Paradigm, Ripple, and venture capitalists Ron Conway and Fred Wilson.
The effort marks a resumption of crypto political operations following the fall of super donor Sam Bankman-Fried. The aim is to support policymakers who support the crypto industry amid increased regulatory scrutiny and derision from some. great senators supported by the banks.
Kara Calvert, Head of US Policy at Coinbase, commented:
“This demonstrates a very serious commitment from the crypto industry to participate in the 2024 elections.”
On December 18, Ripple CEO Brad Garlinghouse added his support for the effort, saying the company was “leading the charge with other industry leaders to support pro-innovation and pro-crypto candidates at the 2024 U.S. election cycle.”
He added that SEC Exceeding is actively moving the country in the wrong direction, and other countries are taking full advantage of America’s lack of leadership.
Team @Ripple is putting a stake on the ground, leading the charge with other industry leaders to support pro-innovation and pro-crypto candidates in the 2024 US election cycle. The US cannot afford to continue to remain in the background on the world stage.
Excess regulation (in particular of…
– Brad Garlinghouse (@bgarlinghouse) December 18, 2023
Additionally, one of the super PACs, Fairshake, has already spent more than $1.2 million on ads for House candidates.
Countering the big banks
Chris Dixon, head of a16z’s crypto fund, said that “the only way to thwart the lobbies of big banks and big tech is to show that crypto and blockchain can also be a force.”
Meanwhile, Polygon Legal Director Rebecca Rettig added that this effort is so important as it recognizes that crypto is “here to stay.” She added that it also shows “that crypto is an essential part of the future.”
This effort is so important: there is recognition that crypto is “here to stay,” but it shows that crypto is an essential part of the future. A huge thank you to those who are committed to this effort. It takes a village.
-Rebecca Rettig (@RebeccaRettig1) December 18, 2023
Circle’s chief strategy officer, Dante Disparte, added:
“It’s great to see responsible industry stakeholders supporting efforts to protect consumers and promote responsible U.S. innovation, technology leadership, and jobs in financial services and technology.”
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