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Crypto PACs Pool $80 Million to Back Pro-Regulation Candidates in US Elections

Coinbase, Ripple, and Andreessen Horowitz fund PACs with $80 million to endorse crypto-friendly candidates.

Mon, 26 Feb 2024, 09:41 am UTC

Political action committees (PACs) supporting cryptocurrency amassed $80 million, which was designated for candidates endorsing cryptocurrency regulation and innovation.

As per BSC News, it has also been revealed that three influential super political action committees(PACs) — Fairshake, Protect Progress, and Defend American Jobs — are receiving significant backing from prominent players within the cryptocurrency industry, including heavyweights like Coinbase, Ripple, and Andreessen Horowitz.

Crypto Dollars in Action

These super PACs are actively deploying their substantial financial resources to champion candidates who advocate for cryptocurrency regulation and promote innovation within the industry.

One notable example of this financial influence is evident in West Virginia, where Defend American Jobs, a super PAC funded by cryptocurrency entities, recently injected a substantial $1.5 million into the campaign of Governor Jim Justice.

Governor Jim Justice, recognized for his steadfast commitment to conservative causes and endorsed by former President Donald Trump, finds his aspirations for a Senate position closely intertwined with the burgeoning crypto movement.

According to Crypto News, the alignment with Trump, who has notably softened his stance on cryptocurrencies, adds an intriguing layer to the unfolding narrative. Despite his longstanding allegiance to the U.S. dollar, Trump acknowledged the growing influence of Bitcoin, particularly among younger demographics, during a recent appearance on Fox News.

Strategic Maneuvers and Political Alignments

These crypto-backed super PACs strategically position themselves to make impactful interventions that could tip the scales against crypto critics such as Senators Elizabeth Warren and Sherrod Brown.

According to Bitcoin News, in states like Ohio and Massachusetts, Republican candidates benefit from enthusiastic support from both blockchain technology proponents and former President Trump's vocal endorsement.

These crypto-backed super PACs actively shape the political landscape by leveraging their significant financial clout and forging strategic alliances with influential figures. Their efforts aim to advance the interests of the cryptocurrency industry and its proponents in critical races across the United States, highlighting the growing influence of the crypto sector in mainstream politics.

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