The crypto industry is stepping up its political game as the upcoming US elections approach. Leading the charge is Coinbase, the popular US-based cryptocurrency exchange. $25 million in USDC to the Fairshake Super PAC. This is Coinbase’s second major contribution to the advocacy group, which aims to promote pro-crypto candidates.
According to Brian Armstrong, CEO of Coinbase, the urgency of supporting Fairshake’s “Stand with crypto” initiative is vital to counter growing opposition to digital assets among some congressional leaders.
In a recent announcement, Armstrong said:
“The best way to clarify regulations in democratic countries is to elect pro-crypto candidates from both sides of the aisle and remove anti-crypto candidates.”
This last gift brought Fairshake Super PAC’s total funds to an impressive $160 million, demonstrating strong support from various industry giants.
Coinbase and 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 industry. Their collective financial power and influence means a vigorous 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 sector, contributed $50 million to Fairshake’s cause. Ripple CEO Brad Garlinghouse reiterated the company’s commitment to educating voters about the risks posed by anti-crypto policymakers.
Ripple, along with the entire crypto industry, refuses to remain silent while unelected regulators attempt to stifle the innovation and economic growth that millions of Americans rely on. Garlinghouse said he is committed to this fight and will continue to invest heavily in it until he achieves significant regulatory changes.
However, political pressure from the crypto industry is not without its challenges. Substantial donations from Coinbase and other companies could attract regulatory scrutiny, like the high-profile case of fallen crypto mogul Sam Bankman-Fried. His political campaign contributions have been scrutinized by authorities, setting a precedent that could pose challenges to current industry donors.
As the crypto industry continues to invest funds in political advocacy, it must navigate the complex landscape of campaign finance laws to avoid potential legal issues. This delicate balance underscores the high stakes involved in their quest for favorable regulation.
The role of crypto in the upcoming elections
The crypto industry’s vigorous support for Fairshake Super PAC demonstrates its commitment to combatting anti-crypto sentiment among policymakers. With more than 900,000 advocates across the United States rallying behind the #StandWithCrypto campaign, cryptocurrency’s influence is poised to become a major factor in the upcoming election.
Featured image from Physics World, chart from TradingView
