Crypto PACs are gaining influence in the US elections by increasing campaign donations. The blockchain industry’s political sway is growing fast, as shown by the hundreds of millions of dollars raised to back crypto-friendly candidates.
Fairshake, a crypto-focused PAC, has raised over $202 million, more than the biggest Republican and Democratic Super PACs combined.
This change shows that crypto is increasingly influencing politics and elections.
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How Are Crypto PACs Influencing US Elections and Blockchain Policy?
Crypto PACs Gain Power
Fairshake, a crypto-focused political group, has raised more money than major traditional PACs. They’re using this money to try to influence policies related to cryptocurrency and blockchain.
Major crypto companies are the top donors to Fairshake. Coinbase contributed $46.5 million, while Ripple Labs and Andreessen Horowitz each gave around $45 million.
These large donations show that the crypto industry is serious about influencing regulations in their favor.
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Bipartisan Influence of Crypto PACs
Interestingly, crypto PACs are not aligning solely with one political party. Data from Follow the Crypto reveals interesting trends. Democratic candidates have received more funding in this election cycle. This is in comparison to their Republican counterparts.
Crypto PACs are giving money to both parties. For example, Protect Progress, a PAC that supports Democrats and gets some funding from crypto groups, gave $1.4 million to Emily Randall. She’s a Democrat running for Congress in Washington state.
Erik LaPaglia, chief strategy officer at blockchain-based real estate platform Propy, noticed this trend at the Bitcoin 2024 conference in Nashville. He said:
“The contrast between the number of politically affiliated attendees in Nashville and at other conferences I have attended makes me think this issue is being picked up as a political football.”
Crypto political action committees are making their mark on US politics. They’re spending big money on elections. This could change how blockchain is regulated.
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In the months ahead, we’ll see just how much impact they have. Their efforts may shape both the election results and future laws.