Crypto Heavily Influences American Elections!
The crypto industry, often perceived as hostile to the Biden administration, has recently ramped up its efforts to influence US policy by financially supporting Democratic candidates. According to a report, several pro-crypto super PACs, including Protect Progress, Fairshake, and Defend American Jobs, have raised and spent millions of dollars to support crypto-friendly candidates in congressional primaries.
Crypto Political Donations to Democrats!
Protect Progress, the most active super PAC in this area, has spent more than $13 million to support the campaigns of pro-crypto Democrats. Major donors include industry giants such as Andreessen Horowitz, Coinbase Global Inc., and the Winklevoss brothers, founders of the Gemini exchange platform. In addition to Protect Progress, Fairshake has also contributed $600,000 to support Democrats. Together, these super PACs have raised a total of $170 million for the 2024 election cycle.
Unlike traditional political action committees (PACs), super PACs can receive and spend unlimited amounts of contributions from corporations, individuals, and other super PACs, provided they do not coordinate directly with candidates or their campaigns. This flexibility allows groups like Protect Progress to play a significant role in elections without the usual restrictions.
A Strategy for a Crypto-Friendly Framework
These contributions aim to promote greater regulatory clarity, a crucial goal for industry players who criticize the U.S. Securities and Exchange Commission (SEC) for its perceived overregulation. This is why the Republican and pro-crypto candidate Donald Trump has promised to fire Gary Gensler, the chairman of the institution, if re-elected.
These initiatives show that the crypto industry is ready to invest heavily to influence US policy by supporting candidates who might favor a more welcoming regulatory environment. As the 2024 elections approach, it will be interesting to see how these contributions will affect the results and future cryptocurrency regulation in the United States. Investors hope for a less strict regulatory framework than that of Switzerland, which has just taken drastic measures against stablecoins.
