A group of three super PACs backed by major cryptocurrency executives and investors has raised $78 million to influence the 2024 elections and support crypto-friendly candidates.
A super PAC is a political action committee that pools campaign contributions from members and donates them to campaigns for or against candidates or legislation.
Crypto has caused deep division within American politics, with one side wanting to restrict and ban it and the other wanting to encourage and foster the embryonic industry.
Crypto Campaigning Revival
On Dec. 18, Politico reported that the campaign has support from venture capital giant Andreessen Horowitz (a16z), Coinbase, and early Bitcoin adopters Cameron and Tyler Winklevoss.
Other crypto players backing the effort include Ark, Blockchain Capital, Circle, Kraken, Messari, Paradigm, Ripple, and venture capitalists Ron Conway and Fred Wilson.
The effort marks a revival of crypto political operations following the downfall of super-donor Sam Bankman-Fried. The goal is to back policymakers who support the crypto industry amid heightened regulatory scrutiny and derision by certain big bank-backed senators.
Kara Calvert, the head of US policy at Coinbase, commented:
“This is demonstrating a very serious commitment from the crypto industry to engage in the 2024 elections,”
On Dec. 18. Ripple CEO Brad Garlinghouse added his support to the effort, saying that the firm was “leading the charge with other industry leaders to support pro-innovation and pro-crypto candidates in the 2024 US election cycle.”
He added that SEC overreach is actively moving the country in the wrong direction, and other nations are taking full advantage of the lack of leadership in the US.
Team @Ripple is putting a stake in the ground, leading the charge with other industry leaders to support pro-innovation and pro-crypto candidates in the 2024 US election cycle. The US cannot afford to continue taking a back seat on the global stage.
Regulatory overreach (esp from… https://t.co/hpkqNf7Y99— Brad Garlinghouse (@bgarlinghouse) December 18, 2023
Moreover, one of the super PACs, Fairshake, has already spent over $1.2 million on ads for House candidates.
Countering The Big Banks
Chris Dixon, head of a16z’s crypto fund, said that the “only way to counteract the lobbies of the big banks and big tech is to show that crypto and blockchain can be a force too.”
Meanwhile, Rebecca Rettig, the chief legal officer at Polygon, added that this effort is so important in that there is a recognition that crypto is “here to stay.” She added that it also shows “that crypto is a critical part of the future.”
This effort is so important: there is a recognition that crypto is “here to stay”, but this shows that crypto is a critical part of the future. Immense thanks to those who are engaged in the effort. It does take a village. https://t.co/EpwYsTmytp https://t.co/RKWnuQKtNP
— Rebecca Rettig (@RebeccaRettig1) December 18, 2023
Circle’s chief strategy officer, Dante Disparte, added:
“It is great to see responsible players in the industry supporting efforts to protect consumers and promote responsible, U.S. innovation, technological leadership, and jobs in financial services and technology.”
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