tl;dr
A recent report by OpenSecrets.org revealed that cryptocurrency industry Super PACs have amassed $102 million to influence the 2024 US congressional elections in favor of pro-crypto candidates and to impede regulatory measures. The data, compiled by Public Citizen, emphasizes the sector's efforts to...
A recent report by OpenSecrets.org revealed that cryptocurrency industry Super PACs have amassed $102 million to influence the 2024 US congressional elections in favor of pro-crypto candidates and to impede regulatory measures. The data, compiled by Public Citizen, emphasizes the sector's efforts to sway elections and obstruct industry regulations. The report highlights that over half of the funds raised come from direct corporate expenditures, primarily attributed to Coinbase and Ripple Labs, as well as from billionaire crypto executives and venture capitalists. Four of the eight corporate Super PAC donors have faced SEC charges. The report also reveals the deliberate avoidance of cryptocurrency mentions in political ads by the largest crypto Super PAC, Fairshake Political Action Committee.
Crypto Super PACs have intervened in primary races, with only one crypto-backed candidate suffering defeat out of six completed primaries. Additionally, the report notes the allocation of funds to Senate races in Ohio and Montana. A separate study by Digital Currency Group found that over 20% of registered voters in key "swing states" consider digital assets an important issue in the 2024 election, emphasizing the desire for "reasonable regulations."
Senior figures in the industry highlighted the growing relevance of digital assets in shaping the electoral landscape in 2024. A recent report by OpenSecrets.org revealed that cryptocurrency industry Super Political Action Committees (PACs) have accumulated a staggering $102 million war chest to exert their influence on the upcoming 2024 US congressional elections.
Rick Claypool, a research director for Public Citizen and author of the report, emphasized that a fresh wave of crypto corporations, executives, and their allies have returned to the political landscape, pouring millions of dollars into campaigns. Their objectives reportedly include influencing elections, supporting cryptocurrency-friendly candidates, and obstructing accountability measures to enforce industry regulations. The report further discloses that over half of the funds raised originate from direct corporate expenditures, 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 firm Andreessen Horowitz, the Winklevoss twins, and Coinbase CEO Brian Armstrong.
A separate study conducted by Digital Currency Group (DCG), a global investor in blockchain companies, found that more than 20% of registered voters in key “swing states” consider digital assets 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, reveals that a pro-crypto stance can be “advantageous” for policymakers and candidates. It emphasizes the desire among voters for “reasonable regulations” that protect consumers without stifling innovation.
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