The US Securities and Exchange Commission (SEC) has filed several high-profile lawsuits against the industry in recent years, which has forced major players to enlist the aid of advocacy organizations like Fairshake.
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Aiming to influence regulatory policies in the burgeoning industry, major players in the crypto space are stepping up their support for pro-crypto candidates as the US elections of 2024 draw near. Prior to the US elections of 2024, Coinbase, the biggest cryptocurrency exchange in the US, has teamed up with other prominent cryptocurrency companies to endorse candidates who welcome cryptocurrency. The pro-crypto super PAC Fairshake received a substantial $25 million donation from Coinbase on Monday, joining previous contributions from tech-focused venture capital firm Andreessen Horowitz and Ripple (a16z).
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Increasing Fairshake’s Presence
With this most recent donation from Coinbase, Fairshake now has $160 million in total funding, placing it among the top five largest super PACs for this election cycle. Companies are able to heavily influence political races by spending enormous sums of money on elections through super PACs like Fairshake. Ads for or against the candidates can be run by these PACs, which operate independently of their campaigns.
With the goal of influencing regulatory policies that benefit the cryptocurrency industry, Fairshake has already committed more than $40 million to support pro-crypto candidates seeking important House and Senate seats. The US Securities and Exchange Commission (SEC) has filed several high-profile lawsuits against the industry in recent years, which has forced major players to enlist the aid of advocacy organizations like Fairshake.
Gary Gensler, the chair of the SEC, is hesitant to give in to the demands of the cryptocurrency industry despite mounting pressure. Gensler has voiced concerns about potential risks and challenges brought about by the quickly changing digital asset landscape, even as it acknowledges the need for clear guidelines.
Bipartisan Support Necessary
In order to maintain regulatory clarity and promote the expansion of the digital asset market, Coinbase CEO Brian Armstrong has underlined the significance of electing pro-crypto candidates from both political parties. Armstrong pointed out that electing politicians who share the values of the cryptocurrency community and eliminating those who oppose it are the best ways to bring about this clarity in democracies.
He emphasized that the crypto industry affects Democrats, Republicans, and Independents equally, and he asked the community to elect candidates who support the sector in the upcoming elections to send a strong message.
Republicans have been more outspoken about cryptocurrencies thus far, with members such as House Financial Services Chair Patrick McHenry advocating for new legislation. Recent votes, though, have received support from all sides. For instance, 60 senators voted in favor and 38 against overturning an SEC bulletin in a Senate vote.
Proponents of cryptocurrencies contend that their funding of politicians who share their objectives is comparable to other industries, despite criticism that it may sway political decisions in favor of special interests.
It is unclear how Fairshake’s financial support will affect the upcoming elections and regulatory policies as it continues to garner support.
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