A recent report from OpenSecrets.org revealed that the cryptocurrency industry’s super political action committees (PACs) have amassed a staggering $102 million war chest to exert influence over the upcoming Congressional elections American of 2024.
The data, compiled by Public Citizen, highlights concerted industry efforts to influence elections in favor of pro-crypto candidates and prevent regulatory measures make sure compliance within the industry.
Crypto Billionaires Lead Funding Raise
Rick Claypool, research director for Public Citizen and author of reportpointed out that a new wave of crypto companies, executives and their allies have returned to the political landscape, pumping millions of dollars into campaigns.
Their goals would be to influence elections, support pro-cryptocurrency candidates, and prevent accountability measures aimed at enforcing industry regulations.
The report further reveals that more than half of the funds raised came from direct company spending, primarily attributed to Coinbase and Ripple Labs.
The remaining contributions come from billionaire crypto executives and venture capitalists, including significant sums from the founders of venture capital company Andreessen Horowitz, the Winklevoss twins and Coinbase CEO Brian Armstrong.
Of the Super PAC’s eight corporate donors, four have either settled their dispute or faced charges from the U.S. Securities and Exchange Commission (SEC) for alleged violations of securities laws movable.
According to the report, the largest crypto Super PAC, Fairshake Political Action Committee, resorted to managing political advertisements who deliberately avoid any mention of cryptocurrencies, employing a “manipulative strategy” to influence voters.
The report also highlights the intervention of crypto Super PACs in primary races for the 2024 elections. Of the six completed primaries, only one crypto-backed candidate was defeated.
However, eleven primary races involving cryptocurrency-backed candidates are still underway. Additionally, crypto Super PACs have pledged to allocate funds to Senate elections in Ohio and Montana, two states crucial to the general election.
Voters in swing states demand reasonable regulations
A separate study conducted by Digitial Currency Group (DCG), a global investor in blockchain companies, revealed that more than 20% of registered voters in key swing states, i.e. states where support for parties Politicians are divided, view digital assets as an important issue in the 2024 election.
The survey, conducted in partnership with The Harris Poll and encompassing Michigan, Ohio, Montana, Pennsylvania, Nevada and Arizona, finds that a pro-crypto stance can be “beneficial” for policymakers and the candidates. It highlights voters’ desire for “reasonable regulations” that protect consumers without stifling innovation.
Julie Stitzel, senior vice president of policy at DCGhighlighted the poll results, saying the digital assets sector is at the forefront of concerns among voters in swing states and that a positive stance toward virtual assets can benefit policymakers and candidates.
Kristin Smith, CEO of the Blockchain Association, echoed this sentiment, highlighting the growing importance of digital assets in shaping the electoral landscape in 2024.
Featured image from Shutterstock, chart from TradingView.com
