A coalition of major cryptocurrency figures, including Andreessen Horowitz and Coinbase, has amassed $78 million to support political candidates favoring the crypto industry in the upcoming 2024 elections, amidst growing regulatory challenges. Ripple CEO Brad Garlinghouse highlights the need for pro-innovation leaders amid concerns about SEC overreach.
A triumvirate of super PACs, backed by influential figures in the cryptocurrency sphere, has secured $78 million to sway the 2024 elections towards candidates sympathetic to the crypto cause. Notable supporters include venture capital giant Andreessen Horowitz, Coinbase, and early Bitcoin adopters, the Winklevoss twins. The move signals a resurgence in crypto political involvement following setbacks faced by former super-donor Sam Bankman-Fried.
The campaign aims to endorse policymakers supportive of the crypto industry, countering intensified regulatory scrutiny. Ripple CEO Brad Garlinghouse emphasized the industry’s commitment to champion pro-innovation and pro-crypto candidates. He expressed concerns about SEC overreach negatively impacting the U.S., allowing other nations to exploit the absence of leadership. Fairshake, one of the super PACs, has already allocated over $1.2 million for ads supporting House candidates.