Crypto Super PACs Raise Over $100 Million War Chest For US Elections: Report
Highlights
- Donations to crypto Super PACs have soared above $100 million.
- Coinbase and Ripple's top donors list ahead of elections.
- Crypto companies seek to push pro-industry regulations.
Crypto Super PACs have raised $102 million ahead of US elections to push pro-industry candidates as adoption soars. A new report based on data from opensecrets.org shows Super PACs backed by cryptocurrency firms and executives have soared above the $100 million mark.
According to the report, the figures posted mean the crypto Super PAC ranks third in total amount raised behind backers of Florida governor Ron DeSantis and Democratic Senate candidates in the upcoming election. The run into the 2024 US Elections has seen crypto firms and executives pledge funds towards the sector’s interests following a clamor for clearer market rules and regulations.
Crypto Super PAC Donors Face Regulatory Hurdles
Four out of eight top corporate crypto Super PAC donors have faced regulatory challenges against the Securities and Exchange Commission (SEC) in recent times. The regulatory approach of the SEC has been flagged by the crypto community as a bottleneck with critics saying it drives investors out of the country.
Ripple Labs is currently in an SEC debacle with the financial regulator requesting $2 billion in penalties. Other firms charged by the SEC are Coinbase and Kraken.
Coinbase and Ripple Tops Donors
Coinbase has stressed rule clarity challenging authorities in court on behalf of the wider market. The publicly traded cryptocurrency exchange tops crypto Super PAC donors with more than $37 million. This figure includes $23.5 million from the exchange and others from affiliated members.
The largest US crypto exchange by market capitalization spends millions annually in lobby fees. Ripple Labs ranks second in the list of donors with about $20 million amid its case with the SEC. The financial regulator sued the company alongside its executives for offering unregistered securities.
Venture Capitalist firm Andreessen Horowitz contributed as are big donor towards crypto projects. Both founders donated $11 million each to the crypto Super PAC. According to the company, advancing technology is key for humanity’s future thus supporting candidates with values for the technology.
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