The urge to gain regulatory clarity over the trading of digital assets is picking up speed as the US 2024 elections are approaching fast. With just 5 months remaining, major firms are pushing their support for crypto-friendly candidates to gain some transparency.
Coinbase injects big bucks
According to reports, Coinbase, the US’s largest crypto exchange, announced a massive $25 million donation to the pro crypto super PAC Fairshake. The amount donated by the exchange matches the contribution made by Ripple and venture capital firm Andreessen Horowitz. This grant brings the Fairshake’s total funds to $160 million. However, this has also made it one of the top five super PACs this election cycle.
The global digital assets market deals with regular legal scrutiny from the US Securities and Exchange Commission (SEC). The financial watchdog has already sued Ripple, Coinbase, Binance and many other crypto linked firms.
The crypto market seems to be in the middle of the much anticipated bull run. The biggest digital asset, Bitcoin (BTC), went on to hit a new all time high (ATH) of over $73,500 in March. The cumulative crypto market cap now stands at $2.56 trillion after spot Bitcoin ETF approval given by the SEC.
The report highlighted that Fairshake has already located over $40 million to support pro crypto candidates in key House and Senate races. It is done with the aim of encouraging favorable policies for the crypto industry.
Can it impact the elections?
Brian Armstrong, CEO of Coinbase, stressed the importance of electing pro crypto candidates across party lines. He suggested that this would ensure regulatory clarity and advance the industry’s interests. It is important to note that Coinbase has been opposing the strict measures taken by SEC Chairman Gary Gensler. This comes in after the commission targeted Coinbase, Ripple, and Kraken, among others.
Coinbase also launched “Stand with Crypto” which has garnered nearly 950,000 supporters. However, the advocacy group has also raised over $87 million through its own PAC since its launch in August.
As reported, the group maintains a database of politicians with ranks over their crypto stances. It also provides tools for crypto voters to engage with their representatives and support pro-crypto candidates.
Stand with Crypto’s efforts have influenced the House’s recent passage of the Financial Innovation and Technology (FIT) for the 21st Century Act. This bipartisan bill establishes a regulatory framework for digital assets.
