In a striking display of financial muscle, cryptocurrency companies, such as Ripple and Coinbase, and investors have collectively contributed $78 million to super Political Action Committees (PACs) focused on shaping the 2024 US elections. This substantial sum underscores the crypto industry’s intensified efforts to sway political tides favoring digital asset-friendly policies.
Ripple And Others Rally Behind Pro-Crypto Super PACs
Influential players like venture capital behemoth Andreessen Horowitz, US cryptocurrency exchange Coinbase, Ripple, and the Winklevoss twins Cameron and Tyler are leading the charge. Their backing marks a significant revival of the crypto industry’s political operations, especially following the fall of previous crypto megadonor Sam Bankman-Fried.
As reported by Politico, these contributions are aimed at supporting candidates who align with crypto-positive stances. This strategy surfaces at a critical juncture, with the industry under scrutiny from federal regulators.
One of the super PACs, Fairshake, has already invested over $1.2 million in television ads promoting House candidates. Two others, Protect Progress and Defend American Jobs, are yet to disclose their independent expenditures.
Coinbase’s U.S. policy head, Kara Calvert, emphasized the industry’s commitment to participating in the upcoming elections in her interview with Politico. The political maneuvering arrives at a pivotal moment, as the crypto industry lobbies for House GOP bills to establish a new framework for regulating digital assets.
This legislation, however, faces challenges in the Senate and the Biden administration, given concerns over consumer protection and financial crime.
Coinbase Spearheads Campaign for Crypto-Friendly Policies
In a Coinbase blog post, the company expressed the need for the crypto community to demonstrate its influence against traditional banking and technology lobbies. While the super PACs’ complete donor profiles will only be disclosed in early next year’s campaign finance reports, an initial list includes vital industry figures such as Circle, Kraken, Paradigm, Ripple, and Coinbase CEO Brian Armstrong.
Coinbase has initiated a grassroots advocacy campaign, and other pro-crypto super PACs are expected to mobilize soon. The objective is clear: to ensure well-funded, influential crypto political action committees are engaged strategically in the political arena.
This financial injection into super PACs by the crypto industry is more than a political statement; it’s a decisive step toward securing a favorable regulatory environment. With over 52 million Americans holding digital assets, the industry’s push in the 2024 elections could significantly impact the future of cryptocurrency in the US and beyond.
Cover image from Unsplash, chart from Tradingview