The cryptocurrency industry is making a substantial foray into U.S. politics by rallying behind pro-innovation candidates for the upcoming 2024 elections. With a staggering $78 million already raised and growing, this financial injection aims to influence the political landscape, advocating for responsible and fair regulations within the cryptocurrency space.
The Fairshake Super PAC and its affiliated entities, representing a broad spectrum of the crypto community, have successfully secured substantial financial support from 20 major companies and influential voices within the industry. Notable contributors include industry giants like Andreessen Horowitz, Coinbase, Kraken, and the Winklevoss twins. This unprecedented $78 million fund is indicative of the crypto community’s dedication to actively shaping the political narrative.
The timing of this move is critical, with 52 million Americans involved in the digital asset space seeking a level playing field in the evolving crypto landscape. Industry leaders behind this financial push emphasize their commitment to responsible growth, advocating for rules that benefit everyday Americans and prevent the offshoring of jobs, economic activity, and innovation.
As the crypto community gears up for the 2024 elections, the stakes are higher than ever. Dissatisfaction in the traditional financial system stands at an alarming 9% among all Americans, and there is a mere 7% satisfaction rate among those aged 18-40. Younger generations, constituting 40% of eligible voters today and projected to be a majority by 2028, are poised to throw their weight behind crypto-friendly candidates.
To mobilize supporters, the crypto community is urging active participation in the democratic process. This includes attending town halls, engaging with representatives, and making informed voting decisions. The “Stand with Crypto” grassroots movement, supported by industry leaders, aims to enroll 1 million members by 2024. Within just four months of launch, the movement has already gained significant traction, with 215,000 advocates on board.
Coinbase recently faced a setback in pursuing crypto-specific regulations from the SEC which came after an 18-month wait when the SEC officially denied its request. However, rather than conceding defeat, the platform’s Chief Legal Officer (CLO), Paul Grewal, affirmed their intention to challenge the decision through an appeal.
