Crypto Industry Raises $78M To Support Pro-Crypto Candidates In 2024 US Election

Prominent cryptocurrency investors and firms intend to support pro-innovation and pro-crypto political candidates during the 2024 US election cycle. The crypto community is seeking to elect a pro-crypto president who will help bring regulatory clarity and prevent frivolous SEC complaints.

Crypto and blockchain leaders have contributed $78M to support the Fairshake political action committee (PAC). Fairshake announced that well-known industry players and firms had contributed to a significant “war chest” to help candidates who support American blockchain and cryptocurrency innovation and responsible regulation.

The list of supporters includes Circle, Coinbase, Kraken, Lightspark, Messari, Andreessen Horowitz (a16z), Ark, Brian Armstrong, Blockchain Capital, Wences Casares, Ron Conway, Cumberland,  Multicoin Capital, Paradigm, Potter Ventures, Ripple, Fred Wilson, Framework Ventures, Hunter Horsley, Jump Crypto, Cameron Winklevoss, and Tyler Winklevoss.

As per a Coinbase blog, merely 9% of Americans are satisfied with the traditional banking system. In response, the cryptocurrency sector has raised funds to help the 52 million Americans who own digital assets and want a fair shake at the American Dream.

Crypto Community Expresses Discontent With SEC’s Actions

Ripple CEO Brad Garlinghouse took to X (formerly Twitter) to announce that the company is “leading the charge with other industry leaders” to back pro-crypto candidates. Garlinghouse said the US can not afford to lose in the global innovation race. He criticized the US government and SEC for excessive regulation that has driven the crypto industry away from the region. He emphasized that other countries are now benefiting from this shift.

Further, Garlinghouse added:

“We need to advance leaders who will champion innovation and spearhead paths towards responsible regulation. 2024 is the time to go back to first principles by encouraging initiatives to promote transparency and innovation.”

Cryptocurrency firms operating in the US have encountered significant challenges from regulatory bodies over the past two years. In particular, industry participants have strongly criticized the SEC for its “regulate-by-enforcement” approach. In 2023, the SEC initiated legal proceedings against Binance.US and Coinbase. The regulator held both firms accountable for alleged violations of securities offering regulation.

Chris Dixon, founder of Andreessen Horowitz (a16z), also announced that the company would contribute to the Fairshake PAC in 2024. The PAC aims to elect leaders who support sensible crypto rules while defending the interests of consumers.