The crypto industry is stepping up its political game ahead of the upcoming US elections. Leading the charge is Coinbase, the popular US-based crypto exchange, which has donated a whopping $25 million in USDC to the Fairshake Super PAC. This marks Coinbase’s second major contribution to the advocacy group, which aims to promote pro-crypto candidates.
According to Coinbase CEO Brian Armstrong, the urgency to support Fairshake’s “stand with crypto” initiative is vital to counter the growing opposition to digital assets among some congressional leaders.
In a recent announcement, Armstrong said:
“The best way to get regulatory clarity in democratic countries is to elect pro-crypto candidates on both sides of the aisle and to vote anti-crypto candidates out of office.”
This latest donation has pushed Fairshake Super PAC’s total funds to an impressive $160 million, showcasing the strong support from various industry giants.
Coinbase, Industry Titans Rally Behind Fairshake
Other notable contributors to Fairshake include cryptocurrency exchanges Kraken and Gemini, venture capital firm Andreessen Horowitz, and investment management firm ARK Invest. These organizations are united in their mission to advocate for a regulatory environment that fosters innovation and growth within the crypto sector. Their collective financial power and influence signify a robust campaign to reshape the political landscape in favor of crypto-friendly policies.
Total crypto market cap at $2.5 trillion on the daily chart: TradingView.com
Ripple, another major player in the industry, has contributed a hefty $50 million to Fairshake’s cause. Ripple CEO Brad Garlinghouse reiterated the firm’s dedication to educating voters about the risks posed by anti-crypto policymakers.
Ripple, along with the broader crypto industry, refuses to stay silent while unelected regulators attempt to stifle innovation and economic growth relied upon by millions of Americans. Garlinghouse said they are committed to this fight and will continue to invest heavily in it until they achieve significant regulatory changes.
Legal Challenges Loom
However, the crypto industry’s political push is not without its challenges. The substantial donations from Coinbase and other firms might attract regulatory scrutiny, similar to the high-profile case of fallen crypto mogul Sam Bankman-Fried. His political campaign contributions were heavily examined by authorities, setting a precedent that could pose challenges for current industry donors.
As the crypto industry continues to pour funds into political advocacy, it must navigate the complex landscape of campaign finance laws to avoid potential legal troubles. This delicate balance underscores the high stakes involved in their quest for favorable regulation.
Crypto’s Role In The Upcoming Elections
The crypto industry’s vigorous backing of Fairshake Super PAC signals its commitment to combating anti-crypto sentiment among policymakers. With over 900,000 advocates across the United States rallying behind the #StandWithCrypto campaign, the influence of cryptocurrency is poised to be a major factor in the forthcoming elections.
Featured image from Physics World, chart from TradingView
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