Cryptocurrency companies are setting up a ‘war fund’ for the 2024 US elections

An influx of political donations into the cryptocurrency sector is reshaping the political campaign landscape in the US, with major industry players investing as much as $78 million in super PACs.

This unprecedented move aims to increase the presence of cryptocurrency-friendly politicians on Capitol Hill, signaling a strategic shift for an industry looking for a stronger voice in the political corridors.

Super political action committees can raise and spend unlimited amounts of money to influence elections. They can receive donations from individuals, companies, unions and other groups.

The investment, mainly orchestrated by the super PAC Fairshakealong with affiliates Protect Progress and Defend American Jobs, marks a significant shift in the cryptocurrency industry’s political influence.

Cryptocurrency industry leaders raise $78 million to support US politicians

The $78 million sum, raised in just three months and reported by the Axios portal, comes from a coalition of cryptocurrency companies, executives and investors, including notable names like Coinbase, Andreessen Horowitz and the Winklevoss twins.

The move comes at a crucial time as the fall of FTX brokerage and its founder, Sam Bankman-Fried, a major political donor, has cast a shadow on the image of cryptocurrencies in the world of campaign fundraising.

Recent efforts can therefore also be seen as an attempt to detox the image of cryptocurrencies in the White House.

Donations will go to congressional candidates from both parties who support innovation, responsible regulation, cryptocurrencies and blockchain technology.

Recipients of Fairshake’s support to date include political figures such as House Financial Services Committee Chairman Patrick McHenry (R-N.C.) and House Speaker nominee Tom Emmer (R-Minn.), as reported on the committee’s website.

The increase in investment comes as lawmakers strive to set clear rules for the cryptocurrency industry. In July, the House Financial Services Committee introduced several cryptocurrency regulation bills for the first time.

Furthermore, cryptocurrencies have become a partisan issue, with the Biden administration viewing the sector with some skepticism while Republican enthusiasm for the sector has grown.

With more than 50 million Americans owning cryptocurrencies, the industry is now, according to the latest data, trying to consolidate its power and influence on the political stage, betting on candidates who can promote a more favorable and innovative regulatory environment for the expansion of the economy . blockchain economy in the US

Brian Armstrong, CEO of Coinbase and one of the PAC’s top supporters, emphasized the importance of money in politics, noting that, for better or worse, this is how the ‘system’ It works.

“Money moves the system”he said.

Source: Live Coins