Bitrabo Editorial
An extensive review by OpenSecrets.org unveiled that Super Political Action Committees (PACs) associated with the cryptocurrency industry have gathered an impressive $102 million war chest to assert their impact on the upcoming 2024 US congressional elections.
The data, assembled by Public Citizen, showcases the sector’s concentrated efforts to guide elections towards pro-crypto candidates and hinder regulatory actions to ensure adherence within the industry.
Crypto Tycoons Lead Financial Surge
Rick Claypool, a research director at Public Citizen and author of the report, emphasized the substantial support from cryptocurrency corporations, executives, and affiliates who have reentered the political arena, allocating millions of dollars to campaigns.
Their intentions reportedly involve influencing elections, endorsing candidates in favor of cryptocurrencies, and obstructing measures for enforcing industry standards.
The report reveals that more than half of the funds raised are from direct corporate contributions, primarily led by Coinbase and Ripple Labs.
The rest of the contributions stem from billionaire crypto executives and investors, with notable contributions from the founders of venture capital firm Andreessen Horowitz, the Winklevoss twins, and Coinbase CEO Brian Armstrong.
Among the eight corporate Super PAC benefactors, four have either settled with or faced charges by the US Securities and Exchange Commission (SEC) for alleged securities law violations.
The largest crypto Super PAC, Fairshake Political Action Committee, has been running political advertisements that purposely avoid mentioning cryptocurrencies, utilizing a “manipulative strategy” to influence voters.
The report also notes the involvement of crypto Super PACs in primary races for the 2024 elections. Of the completed primaries, only one crypto-supported candidate suffered defeat.
However, there are still eleven ongoing primary races supported by the crypto PACs. Additionally, these PACs have committed to funding Senate races in Ohio and Montana, key battleground states in the general election.
‘Swing States’ Voters Call for Balanced Regulations
According to a separate study by Digitial Currency Group (DCG), over 20% of registered voters in pivotal “swing states” view digital assets as a crucial issue in the 2024 election.
The survey, undertaken in collaboration with The Harris Poll across Michigan, Ohio, Montana, Pennsylvania, Nevada, and Arizona, underscores that a pro-crypto standpoint can be advantageous for policymakers and candidates. It underscores voters’ demand for “reasonable regulations” safeguarding consumers while encouraging innovation.
Julie Stitzel, Senior Vice President of Policy at DCG, highlighted the survey’s results, indicating that swing state voters are attentive to the digital asset sector, and a favorable approach to virtual assets can benefit policymakers and candidates.
Kristin Smith, CEO of the Blockchain Association, echoed this sentiment, stressing the increasing significance of digital assets in shaping the electoral landscape in 2024.
Featured image from Shutterstock, chart from TradingView.com