Crypto enthusiasts target US politics with $80m fund

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TL/DR –

Pro-crypto super PACs (political action committees) have gathered $80 million in support of candidates who favor cryptocurrency regulation and innovation. Some of the significant industry players backing these PACs include Coinbase, Ripple, and Andreessen Horowitz. The funding is being used to support candidates like Governor Jim Justice and Bernie Moreno who are pushing for a pro-crypto agenda, in an effort to influence the course of cryptocurrency regulation and innovation in the US.


Pro-crypto Super PACs Support Cryptocurrency-Friendly Candidates

Pro-crypto super PACs (political action committees) have amassed $80 million to support candidates advocating for cryptocurrency regulation and innovation. Three major super PACs — Fairshake, Protect Progress, and Defend American Jobs — have backing from cryptocurrency industry giants including Coinbase, Ripple, and Andreessen Horowitz, according to Politico.

These PACs are actively funding campaigns. For instance, Defend American Jobs recently contributed $1.5 million to the campaign of West Virginia Governor Jim Justice, who is also endorsed by former President Donald Trump. Trump’s recent softened stance on cryptocurrencies has added an intriguing dimension to these political alliances.

The super PACs are also tactically poised for high-impact interventions against crypto critics like Senators Elizabeth Warren and Sherrod Brown. This strategy is evident in Ohio and Massachusetts, where Republican contenders are enjoying robust backing from both blockchain advocates and Trump’s vocal support.

Bernie Moreno’s Campaign Bolstered by Trump

Ohio’s Bernie Moreno, challenging Senator Brown, bases his campaign on a pro-cryptocurrency narrative. With the endorsement of Trump and Senator J.D. Vance, Moreno, a former auto salesman and blockchain advocate, has pushed crypto strategies to the forefront of his campaign.

John Deaton Challenges Elizabeth Warren’s Crypto Stance

Rhode Island-based Republican crypto attorney John Deaton has initiated a bid to confront Massachusetts Senator Elizabeth Warren on her crypto regulation stance. Despite his controversial background, Deaton’s campaign is garnering attention on social media, where he frequently challenges Warren’s crypto views.

After a significant financial boost from cryptocurrency exchange founders Tyler and Cameron Winklevoss, the Fairshake super PAC is advocating for candidates who support the crypto economy in California.

This critical period sees extensive funds being directed towards political campaigns that could influence the digital currency landscape. The political strategies developing could significantly impact the trajectory of cryptocurrency’s regulatory future, innovation, and economic growth in the US.

These cryptocurrency titans, with their super PACs, are not only participating in political discourse but are also striving to shape a future where digital assets could command the nation’s economic direction.


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