- A recent report by OpenSecrets.org reveals that cryptocurrency industry Super Political Action Committees (PACs) have accumulated a $102 million war chest for the upcoming 2024 US congressional elections.
- The funds are being used to influence elections in favor of pro-crypto candidates and impede regulatory measures within the industry.
- Over half of the funds raised originate from direct corporate expenditures, primarily attributed to Coinbase and Ripple Labs.
Cryptocurrency industry PACs are gearing up for the 2024 US elections, with a $102 million war chest. The funds are being used to support pro-crypto candidates and impede regulatory measures.
Crypto Billionaires Lead Funding Surge
According to Rick Claypool, a research director for Public Citizen and author of the report, a fresh wave of crypto corporations, executives, and their allies have returned to the political landscape, pouring millions of dollars into campaigns. Their objectives reportedly include influencing elections, supporting cryptocurrency-friendly candidates, and obstructing accountability measures to enforce industry regulations.
Major Contributors and Legal Challenges
The report discloses that over half of the funds raised originate from direct corporate expenditures, primarily attributed to Coinbase and Ripple Labs. The remaining contributions come from billionaire crypto executives and venture capitalists, including significant sums from the founders of venture capital firm Andreessen Horowitz, the Winklevoss twins, and Coinbase CEO Brian Armstrong. Of the eight corporate Super PAC donors, four have either settled or faced charges by the US Securities and Exchange Commission (SEC) for alleged violations of securities laws.
Voters In ‘Swing States’ Demand Reasonable Regulations
A separate study conducted by Digital Currency Group (DCG), a global investor in blockchain companies, found that more than 20% of registered voters in key “swing states,” or states where support for political parties is divided, consider digital assets an important issue in the 2024 election. The survey reveals that a pro-crypto stance can be “advantageous” for policymakers and candidates. It emphasizes the desire among voters for “reasonable regulations” that protect consumers without stifling innovation.
Conclusion
The crypto industry’s political influence is growing, as evidenced by the significant funds raised by Super PACs for the upcoming 2024 US elections. However, voters are demanding reasonable regulations that balance consumer protection with innovation. The outcome of these elections could significantly impact the future of the crypto industry in the US.
