Super PACs aligned with the cryptocurrency industry have accumulated a significant war chest of $102 million in preparation for the upcoming US elections, as reported by Public Citizen. This hefty sum includes $54 million in direct corporate contributions, with major players like Coinbase and Ripple Labs leading the way.
Individual contributions from crypto executives and venture capitalists have also contributed to this financial reserve, with notable amounts coming from Andreessen Horowitz founders, Gemini exchange founders Cameron and Tyler Winklevoss, and Coinbase CEO Brian Armstrong. However, the involvement of companies currently facing legal challenges from the US Securities and Exchange Commission (SEC) has raised some eyebrows.
Public Citizen’s report underscores the impact of crypto super PACs on primary elections, with a high success rate for candidates backed by the industry. Plans are in motion to allocate resources to Senate races in key states in the general election.
Meanwhile, Coinbase CEO Brian Armstrong has urged Robinhood to support pro-crypto candidates, highlighting the efforts of the Fairshake Political Action Committee and StandWithCrypto.org. This comes as Robinhood faces SEC scrutiny, with CEO Vlad Tenev criticizing the regulator for hindering innovation in the industry. Despite previous compliance issues, Robinhood continues to navigate challenges in registering its crypto services with the SEC, disputing the classification of cryptocurrencies as securities.
The ongoing involvement of prominent crypto industry figures in political advocacy and the regulatory challenges faced by companies like Robinhood paint a complex picture of the evolving relationship between cryptocurrency and governmental oversight in the United States.
