In a historic move, leading figures in the cryptocurrency industry, including Ripple and Coinbase, have formed a coalition to support pro-crypto candidates in the upcoming 2024 U.S. elections. The coalition has committed $78 million to the Fairshake political action committee (PAC), aiming to influence policy towards American crypto and blockchain innovation. This initiative marks a significant step in the crypto world's political involvement, seeking to balance innovation with consumer protection.
Prominent industry leaders like Ripple CEO Brad Garlinghouse, the Winklevoss twins, and Coinbase CEO Brian Armstrong are spearheading this movement. This coalition's formation signals a major shift in the digital asset industry's political engagement, reflecting the industry's intensified efforts to shape policy amidst growing regulatory challenges, particularly in countering the SEC's stringent approach.
The Fairshake PAC is focusing on electing leaders who will encourage innovation while ensuring consumer protection. The PAC's efforts include spending over $1.2 million on television advertising to support such leaders. Additionally, Chris Dixon of Andreessen Horowitz's crypto fund emphasized the need to counterbalance traditional financial institutions and big tech companies, supporting candidates who grasp blockchain technology's potential.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
