Crypto heavyweights invest $78 million in US PACs aiming for regulation-friendly legislators

Amid regulatory challenges, crypto leaders funnel millions into political support for a pro-tech future.

Crypto leaders have collectively raised $78 million for super PACs, focusing on increasing the presence of crypto-friendly lawmakers in Washington, Axios reports.

Further, according to a statement from Fairshake, the following entities have shown support for Fairshake: Andreessen Horowitz, Ark, Brian Armstrong, Blockchain Capital, Wences Casares, Circle, Coinbase, Ron Conway, Cumberland, Framework Ventures, Hunter Horsley, Jump Crypto, Kraken, Lightspark, Messari, Multicoin Capital, Paradigm, Potter Ventures, Ripple, Fred Wilson, Cameron Winklevoss, and Tyler Winklevoss.

It further stated,

“Embracing the transformative potential of the American crypto community, Fairshake is dedicated to advancing leaders who are poised to champion innovation and navigate the complexities of responsible regulation in the digital age.”

According to Axios, political action committees, namely Fairshake, Protect Progress, and Defend American Jobs, aim to strengthen the representation of crypto-advocating legislators on Capitol Hill. This financial mobilization, amassing such a substantial sum in merely the last quarter of 2023, signals an escalating commitment by the crypto sector to match, or potentially surpass, the political influence of more traditional industries.

Andreessen Horowitz expressed its stance on political donations on Dec. 14, stating that they are nonpartisan, one-issue voters who will support candidates who endorse an optimistic technology-enabled future. This aligns with the super PACs’ goals to foster the industry in the United States by promoting responsible regulation. Coinbase has previously launched initiatives to mobilize crypto owners into advocates for change, which may provide context on their involvement in political funding.

Primarily, this move seeks to reshape the perception of cryptocurrency in political funding, especially following the negative implications associated with the collapse of FTX and SBF’s guilty verdict. Fairshake and its affiliates have clearly articulated their goals: to support congressional candidates who advocate for innovation-friendly, responsible regulation of crypto and blockchain technology. Axios reports this initiative is an effort to foster an environment conducive to the growth of the crypto industry within the United States.

Further, Axios spotlights that representatives like House Financial Services Committee Chair Patrick McHenry, Majority Whip Tom Emmer Don Davis, Ritchie Torres, Young Kim, Josh Gottheimer, Zach Nunn, Greg Meeks, and Steven Horsford have received backing from these PACs. This investment in political support arrives at a crucial moment, as lawmakers exhibit increased interest in establishing concrete regulations for the cryptocurrency industry. For instance, under McHenry’s leadership, the House Financial Services Committee advanced several crypto regulatory bills to the floor in July 2023.

Ultimately, this substantial investment by crypto leaders in these super PACs underscores the industry’s determination to establish a more favorable regulatory environment and solidify its presence and influence in the U.S. political landscape.

Posted In: Coinbase, FTX, US, Adoption, Culture, Politics
Author
Liam 'Akiba' Wright Senior Editor at CryptoSlateAlso known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
Editor
News Desk Editor at CryptoSlateCryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.
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