As the 2024 election cycle approaches, three political action committees (PACs) backed by influential figures in the cryptocurrency industry are preparing to make a significant impact with a $78 million war chest. The alliance, consisting of Fairshake and its affiliated super PACs, Protect Progress and Defend American Jobs, aims to shape the political landscape by supporting leaders who advocate for American crypto and blockchain innovation and responsible regulation.
Fairshake, with support from industry giants like Coinbase, Kraken, Ripple, and Circle, is positioning itself as a driving force for fair and responsible regulations. The initiative is driven by the dissatisfaction of Americans with the current financial system, with 91% expressing discontent. The Fairshake Super PAC, backed by influential figures from Coinbase, Kraken, and others, seeks to address concerns about regulatory ambiguity and the potential for economic activities to move offshore due to a perceived “regulation-by-enforcement” approach.
Ripple CEO Brad Garlinghouse has also joined the cause, publicly announcing the company’s intention to support pro-crypto candidates in the 2024 United States election. Garlinghouse criticized regulatory overreach and pledged Ripple’s commitment to advocate for favorable industry regulation alongside other industry leaders.
While the specific candidates targeted by these committees remain undisclosed, Fairshake has already spent over $1 million on television advertisements supporting lawmakers with a track record of supporting the crypto industry. As campaign finance disclosures are filed with the Federal Election Commission, the full donor profiles for these groups are expected to become public, providing further insight into the financial dynamics at play.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Brian Armstrong, Cameron Winklevoss, Tyler Winklevoss, Brad Garlinghouse |
| Companies | Ripple, Protect Progress, Circle, Defend American Jobs, Coinbase, Kraken, Fairshake |
| Currencies | Coinbase Wrapped Staked ETH, Draken, Merit Circle, XRP |
| Securities | None |
