Next up is the biggest war chest on the cards: an intensified move to shape policies in their favor amid growing regulatory challenges.
Following notable leadership changes at major crypto platforms like Binance and FTX, all eyes are turning to Brian Armstrong, CEO of Coinbase.
His platform’s ongoing initiatives, including the development of a Layer 2 blockchain, the launch of a derivatives exchange, and ETFs anticipated in 2024, position Armstrong as a pivotal figure leading the industry’s trajectory.
Elections 2024: Pro-crypto Candidates on the Agenda
In an unprecedented move, influential figures within the cryptosphere, such as Brad Garlinghouse, the Winklevoss twins, and Brian Armstrong, have joined forces to support candidates sympathetic to the cryptocurrency cause in the upcoming 2024 presidential election. This collaborative front aims to empower Capitol Hill with legislators who support and advocate for favorable policies in the digital currency space.
On December 18, Bryan Armstrong posted the following on X:
“The crypto industry has a large war chest now to elect pro-crypto candidates in 2024. We’re proud to contribute, and give the 52m Americans who have used crypto better representation.
It will be bi-partisan. And hopefully we can get it to $100m in Q1 next year.”
The cryptocurrency business has raised a lot of money in a short time, which is a great sign that it is ready to get involved in politics. Major super PACs such as Fairshake, Protect Progress and Defend American Jobs are among the winners, showing a strong desire to change the narrative on digital assets in politics.
Impact of Crypto Contributions on Policy Making
Using examples from established industries like oil and banking, Armstrong emphasizes how important financial contributions are to achieving policies that are good for the crypto sector. Similarly, Ripple’s massive donation of $78 million to Fairshake supports this view and shows that the company is determined to change the way politicians think about digital assets.
On December 18, Brad Garlinghouse has the following to say via X:
“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 (…)
2024 is the time to go back to first principles by encouraging initiatives to promote transparency, innovation and a compliance-first approach. Team Ripple and I won’t squander it.”
Meanwhile, Chris Dixon of a16z crypto fund emphasizes the need to balance traditional financial sectors and sees the PAC playing a key role in supporting candidates who understand the potential of blockchain. The goal of this group effort is to change the way politics talks about digital assets and blockchain technology.
The combined efforts are aimed at improving the image of cryptocurrencies in the political world, especially after a major scandal involving a popular political donor, FTX’s SBF, who faces serious allegations of fraud and money laundering.
FairShake PAC to Address Regulatory Challenges
Recent SEC regulatory actions against prominent crypto platforms such as Coinbase and Binance.US have increased industry demand for transparent and responsible regulations. In this context, the emergence of Fairshake PAC assumes a prominent role in defending Democratic candidates aligned with the trajectory of blockchain technology.
In Armstrong’s words, “this effort attempts to compete with conventional lobbies by emphasizing the political power of cryptocurrencies compared to oil and banking. Industry unity is a strategic push to build blockchain-friendly policies.”
By Audy Castaneda
