November 27, 2023

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Crypto Industry's Political Donations Surge Ahead of 2024 Elections

December 26, 2023

The cryptocurrency industry increases political contributions amidst regulatory challenges and Washington skepticism.

Rising Political Engagement

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Key players like Coinbase, Circle, and a16z allocate substantial resources to support pro-crypto legislators and influence pending bills.

Corporate Advocacy

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Coinbase, Circle, and a16z collectively contribute $78 million to Fairshake, a federal super PAC advocating for pro-crypto leadership.

Financial Commitment

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Depoliticizing Crypto Initiativeing

Coinbase's initiative, led by chief policy officer Faryar Shirzad, aims to "depoliticize crypto" and foster a balanced public debate.

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Escalating Political Spending

Coinbase allocates $4M for 2023 lobbying, while Circle has invested $760,000 since 2021.

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Regulatory Scrutiny Impact

Rising political involvement follows increased scrutiny, triggered by legal troubles at firms like Binance and the arrest of FTX's former CEO.

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Election-Driven Activity

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As the 2024 elections near, the crypto industry boosts political efforts, expecting regulatory challenges and securing backing for crypto-friendly candidates.