Ahead of the approaching US elections, the crypto sector is intensifying its political game. Leading the charge is Coinbase, the well-known US-based cryptocurrency exchange, which has given the Fairshake Super PAC a shockingly $25 million in USDC. This represents Coinbase’s second significant donation to the advocacy group aiming at supporting pro-crypto contenders.
Coinbase CEO Brian Armstrong claims that in order to offset the mounting resistance to digital assets among some congressional leaders, backing of Fairshake’s “stand with crypto” campaign is absolutely essential.
In a recent announcement, Armstrong said:
“The best way to get regulatory clarity in democratic countries is to elect pro-crypto candidates on both sides of the aisle and to vote anti-crypto candidates out of office.”
This latest donation has pushed Fairshake Super PAC’s total funds to an impressive $160 million, showcasing the strong support from various industry giants.
Coinbase, Industry Titans Rally Behind Fairshake
Fairshake also thanks venture finance firm Andreessen Horowitz, investment management firm ARK Invest, bitcoin exchanges Gemini and Kraken. These groups are one in their advocacy of a legislative environment that supports development and creativity in the cryptocurrency industry. Their combined financial might and influence point to a strong campaign to change the political scene in line with crypto-friendly ideas.
Total crypto market cap at $2.5 trillion on the daily chart: TradingView.com
Another big participant in the market, Ripple has given Fairshake a substantial $50 million donation. Ripple CEO Brad Garlinghouse underlined once more the company’s commitment to inform voters about the dangers anti-crypto legislators bring about.
Along with the larger crypto market, ripple refuses to remain silent while unelected officials try to hinder innovation and economic progress depending on upon by millions of Americans. Garlinghouse declared they are dedicated to this battle and will keep heavily funding it until they see major legislative changes.
Legal Challenges Loom
The political drive of the crypto sector does not come without difficulties, though. Like the well-publicized example of fallen crypto guru Sam Bankman-Fried, the large donations from Coinbase and other companies might draw regulatory attention. Authorities closely scrutinised his political campaign contributions, creating a precedent that would complicate present sector donors.
The crypto sector has to negotiate the tricky terrain of campaign finance rules to stay out of possible legal hotlines as it keeps pouring money into political activism. This fine equilibrium emphasises the great risks involved in their search for suitable control.
Crypto’s Role In The Upcoming Elections
Strong support of Fairshake Super PAC by the crypto sector shows its will to counteract anti-crypto attitude among legislators. With more than 900,000 supporters of the #StandWithCrypto movement gathered around the United States, the impact of cryptocurrencies is likely to be a major determinant of the outcome of next elections.
Featured image from Physics World, chart from TradingView