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Crypto Super PAC donations exceed $100 million as industry executives and firms support pro-crypto candidates.
Crypto Super PACs have amassed $102 million before the US elections to support pro-crypto candidates amid growing adoption.
A new report utilizing data from opensecrets.org reveals that Super PACs backed by cryptocurrency firms and executives have surpassed the $100 million milestone.
The report indicates that the crypto Super PAC ranks third in total fundraising, following supporters of Florida Governor Ron DeSantis and Democratic Senate candidates in the upcoming election.
As the 2024 US Elections approach, crypto firms and executives are contributing funds to promote the industry’s interests amid calls for clearer market rules and regulations.
Crypto Super PAC Donors Encounter Regulatory Challenges
Four out of the top eight corporate crypto Super PAC donors have recently encountered regulatory challenges with the Securities and Exchange Commission (SEC).
The crypto community views the SEC’s regulatory approach as an obstacle, criticizing it for potentially deterring investors from the country.
Ripple Labs is embroiled in an ongoing legal dispute with the SEC, which is seeking $2 billion in fines. Additionally, Coinbase and Kraken have also faced charges from the SEC.
Coinbase has emphasized the need for clear regulations, taking legal action against authorities on behalf of the broader market. The publicly traded cryptocurrency exchange leads crypto Super PAC donations with over $37 million, which includes $23.5 million from the exchange itself and contributions from affiliated members.
As the largest US crypto exchange by market capitalization, Coinbase spends millions annually on lobbying.
Ripple Labs comes in second among donors with around $20 million, despite its ongoing legal battle with the SEC, which has accused the company and its executives of offering unregistered securities.
Venture Capitalist firm Andreessen Horowitz also contributes significantly to crypto projects. Both founders have donated $11 million each to the crypto Super PAC.
According to the firm, promoting technology is crucial for the future of humanity, and thus, they support candidates who share their technological values.
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