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Political Donations From Crypto Industry Extend To Democrats, Report Finds

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Long at odds with the Biden administration, the crypto industry has launched a major political offensive to influence the Democratic Party.

According to a Bloomberg report, a network of pro-crypto super Political Action Committees (PACs) has raised over $170 million to back crypto-friendly candidates in congressional primaries, focusing on supporting Democrats.

Crypto Industry’s Political Offensive 

To shape the Democratic Party’s trajectory, the crypto industry is funneling substantial resources through two influential super PACs, embarking on a mission to wield significant influence in congressional primaries. 

Related Reading: Bitcoin Adoption: Adin Ross Stream Exposes Donald Trump’s Latest Commentary On BTC- Details

At the forefront of this political chess match is Protect Progress, a pro-crypto political action committee that has flexed its financial muscles by injecting over $13 million into US congressional campaigns.

According to Federal Election Commission filings, along with kindred spirits Fairshake and Defend American Jobs, Protect Progress forms a trio that has amassed a $170 million war chest for the 2024 campaign cycle. 

Backers of this political crusade also include venture capital firm Andreessen Horowitz, commonly known as a16z, US-based exchange Coinbase, and the Winklevoss brothers of the Gemini exchange, also based in the US.

Per the report, the objective of these super PACs is crystal clear: advocate for heightened regulatory clarity within the crypto realm. A bone of contention arises from criticisms levied against the US Securities and Exchange Commission for what some perceive as regulatory overreach through enforcement actions witnessed over the past years.

Backing Both Democrats And Republicans

Unlike conventional political action committees, Bloomberg notes that these super PACs enjoy the freedom to receive “unlimited contributions” from corporations, individuals, and other super PACs, but without the privilege of directly contributing to or coordinating with candidates or their campaigns.

In a strategic display of bipartisan engagement, Protect Progress has allocated substantial funds towards backing pro-digital asset Democrats, in stark contrast to its siblings’ proclivity for supporting crypto-friendly Republican candidates. 

Related Reading: Ethereum’s Unexpected Ally: Hacker Channels $40 Million Amid 25% Price Crash

However, one of the keys to these campaigns has been the pro-innovation stance of former President Donald Trump, who has also received donations from Kraken exchange executives, the Winklevoss twins, Coinbase and Ripple Labs executives, led by his promise to be the first “crypto president” in the US. 

In addition, Trump has vowed to fire Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has been at the forefront of uncertainty and enforcement actions regarding regulating digital assets. 

This has led to significant support for a potential Trump re-election and notable donations to his campaign. Nonetheless, Bloomberg notes that the effort of these super PACs is to follow in the footsteps of Democrats, who also see cryptocurrencies as a potential plan to leverage the technology along with pro-crypto regulation. 

Crypto
The 1D chart shows the total crypto market cap’s valuation at $1.9 trillion. Source: TOTAL on TradingView.com

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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