Alexander Savenkov Leading figures and companies in the cryptocurrency realm have pooled resources, creating a significant fund aimed at endorsing candidates favorable to cryptocurrency in the 2024 election cycle, reaching a total of $78 million so far. Ripple’s Chief Executive Officer highlighted the urgent need for the United States to step up its role globally, citing concerns about excessive regulatory measures, particularly from the SEC, hindering progress. “We have now gathered a substantial fund to back candidates who are supportive of the crypto industry in the 2024 elections,” stated the CEO of Coinbase, a major cryptocurrency exchange.
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The U.S. Must Step Up in Global Leadership
Fairshake, a super PAC operating independently and focusing on federal expenditures, disclosed on Monday that key players in the crypto and blockchain industries have raised $78 million. This fund will be utilized by Fairshake Super PAC and its affiliates to endorse candidates who are pro-innovation and supportive of cryptocurrency in the approaching 2024 congressional elections. Fairshake, registered with the Federal Election Commission (FEC), operates independently in supporting candidates. The announcement detailed:
The group will declare having $78 million in funds by Q4 2023 to endorse leaders who are in favor of American innovation in cryptocurrency and blockchain, ensuring responsible regulation in the upcoming 2024 elections.
The announcement also mentioned that Fairshake’s backers include notable entities like Andreessen Horowitz, Ark Invest, Coinbase along with its CEO Brian Armstrong, Blockchain Capital, Wences Casares, Circle, Ron Conway, Cumberland, Framework Ventures, Hunter Horsley, Jump Crypto, Kraken, Lightspark, Messari, Multicoin Capital, Paradigm, Potter Ventures, Ripple, Fred Wilson, and the Winklevoss twins, Cameron and Tyler.
“For the blockchain economy to reach its utmost potential, it is crucial to establish a clear and conducive regulatory and legal framework,” Fairshake underscored.
On a social media platform X on Monday, Ripple CEO Brad Garlinghouse remarked, “Ripple is firmly committed, alongside other industry frontrunners, to support candidates in the 2024 U.S. election who are pro-innovation and pro-cryptocurrency.” He added:
The U.S. must not remain passive on the international front. Excessive regulatory actions, notably from the SEC, are steering the country in an unfavorable direction while other nations capitalize on the U.S.’s absence of leadership.
“To promote innovation and guide responsible regulation, it is critical to support leaders who advocate these values. The 2024 election cycle is a pivotal opportunity to return to fundamental principles, fostering initiatives that emphasize transparency, innovation, and a compliance-first mindset. We at Ripple are determined to make the most of this opportunity,” he stressed.
Brian Armstrong, CEO of Coinbase, commented, “With a substantial fund now available, the crypto industry is poised to support pro-crypto candidates in 2024. Our contribution is a step towards better representation for the 52 million Americans engaged in cryptocurrency. We aim for a bipartisan approach and hope to increase the fund to $100 million by Q1 next year.”
What are your thoughts on the cryptocurrency sector’s significant fund to back pro-crypto candidates in the forthcoming elections? Share your views in the comments section.
Frequently Asked Questions (FAQs) about Crypto Industry Political Funding
What is the purpose of the $78 million fund raised by the crypto industry?
The fund, amassed by leaders and companies in the cryptocurrency sector, aims to support pro-crypto candidates in the 2024 U.S. elections. It is intended to promote candidates who favor innovation in cryptocurrency and blockchain technology, and those who advocate for a regulatory environment that supports the growth and responsible regulation of these industries.
Who has contributed to this fund, and how much has been raised?
Contributors to this fund include major entities like Andreessen Horowitz, Ark Invest, Coinbase, and Ripple, among others. The total amount raised so far is $78 million, which is planned to be used to support candidates favorable to the crypto industry in the upcoming 2024 congressional elections.
What is Fairshake, and what role does it play in this initiative?
Fairshake is a federal independent expenditure-only political action committee (super PAC) that announced the fundraising. It is registered with the Federal Election Commission (FEC) and supports candidates solely through its independent activities. Fairshake will use the funds to support pro-innovation and pro-crypto leadership in the 2024 elections.
What are the views of Ripple and Coinbase CEOs on U.S. leadership in the crypto industry?
Ripple CEO Brad Garlinghouse emphasizes the need for the U.S. to enhance its global role and address regulatory overreach, which he believes is currently hindering progress in the crypto sector. Coinbase CEO Brian Armstrong highlights the significance of the fund for providing better representation for Americans involved in cryptocurrency and expresses the goal of increasing the fund to $100 million by the next year.
Why is there a need for clear regulatory and legal frameworks in the blockchain economy?
A clear regulatory and legal framework is essential for the blockchain economy to realize its full potential. Such a framework would promote transparency, innovation, and a compliance-first approach, which are necessary for the sustainable growth and integration of blockchain and cryptocurrency technologies into the mainstream economy.
More about Crypto Industry Political Funding
- Crypto Industry’s $78 Million Political Fund
- Fairshake Super PAC and Blockchain Funding
- Ripple CEO’s Statement on U.S. Crypto Leadership
- Coinbase’s Contribution to Crypto Political Fund
- 2024 U.S. Elections and Cryptocurrency
- Regulatory Frameworks in Blockchain Economy
5 comments
It’s about time we saw some real support for blockchain in politics. Ripple and Coinbase are on the right track. Let’s hope this fund makes a difference!
i’m curious about Fairshake’s role here. super PACs have a lot of influence, but this is a tricky area. will it actually help or just stir the pot more?
this is a big step for the industry!! finally, we might see some real change in how crypto’s regulated. good job Coinbase and Ripple.
Wow, $78 million? that’s a huge amount for politics, Shows how big crypto really is becoming, wonder how this will change things in 2024!
interesting move, but I’m skeptical. can money really sway political tides in favor of crypto? seems like a gamble to me