A $78 Million fund To Support Pro-Crypto Candidates for 2024 US elections

• Prominent figures like Brad Garlinghouse, the Winklevoss twins, and Brian Armstrong invest $78 million to support pro-crypto candidates for the US elections.
• This alliance comes in response to growing regulatory challenges, particularly the SEC’s strict stance on crypto.
• The coalition seeks to shape crypto-friendly policies by endorsing candidates who champion innovation, transparency, and consumer protection.

Several influential figures have come together to support pro-crypto candidates in the upcoming 2024 US elections in a historic move that signals the crypto industry’s increasing involvement in politics.

Among the prominent individuals backing this initiative are Brad Garlinghouse, CEO of Ripple, the Winklevoss twins, and Brian Armstrong, CEO of Coinbase.

This united front of industry leaders aims to shape policy in favour of American cryptocurrency and blockchain innovation while countering the SEC’s stringent regulatory stance.

A Coalition for Crypto-Friendly Policy

The coalition’s commitment to endorsing pro-crypto presidential candidates is channeled through the Fairshake political action committee (PAC), which has received pledges totalling $78 million from Ripple, Coinbase, Circle, Kraken, Messari, and venture capital firm Andreessen Horowitz (a16z).

This significant financial support marks a transformative moment in the digital asset industry’s engagement with politics.

Brad Garlinghouse, in announcing Ripple’s involvement, emphasized the importance of supporting candidates who champion innovation and responsible regulation.

The industry’s leaders recognize that 2024 presents a crucial opportunity to promote transparency, innovation, and a compliance-first approach in the crypto sector.

Responding to Regulatory Challenges

The crypto industry’s push for more crypto-friendly policies comes at a critical juncture, with growing concerns that the United States could lose its competitive edge in the global crypto landscape. The Securities and Exchange Commission (SEC) has taken an increasingly stringent approach to cryptocurrency firms, exemplified by recent legal actions against Coinbase and Binance.US.

The Fairshake PAC’s mission is clear: to elect leaders who strike a balance between fostering innovation and ensuring consumer protection. By investing over $1.2 million in television advertising and strategic political engagement, the PAC aims to create a regulatory environment that supports crypto and blockchain technology’s growth.