As the US elections approach, crypto billionaires have gathered a massive $160 million to support candidates who back favorable digital asset regulations.
Crypto Giants Push for Regulatory Reform
The industry’s political action committee (PAC), Fairshake, has received significant funding from companies like Ripple Labs, Andreessen Horowitz, and Coinbase Global. Crypto giants aim to reduce oversight from the Securities and Exchange Commission (SEC), which has criticized the industry for fraud and customer protection issues.
Pressure on Senate Democrats
Fairshake’s influence will likely focus on the reelection campaigns of Senators Sherrod Brown and Jon Tester, who face Republican challenges. Brown, who has been criticized for his stance on crypto, is facing a pro-crypto candidate, Bernie Moreno. Tester, considered neutral on the issue, is being targeted by Tim Sheehy, who accuses him of stifling crypto innovation.
Impact on Crypto Regulations
The Democratic-led Senate has not yet acted on crypto regulation bills approved by the Republican-controlled House. However, Senator Debbie Stabenow supports regulating crypto through the Commodities Futures Trading Commission (CFTC), which has a different approach to the industry.
The crypto industry’s $160 million investment has given it a significant role in US campaign finance. It could influence the outcome of Senate races and shape the future of crypto regulations. The battle between crypto billionaires and skeptics will determine the industry’s fate in Washington.
