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.
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 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.
Also Read: Binance Kazakhstan Manager Bags Ministerial Appointment
Bitmine Immersion, the largest Ethereum treasury company, quietly added another 23,823 ETH to its total…
Bitcoin price has continued to trade below the $125,000 mark as the market undergoes a…
With the U.S. Securities and Exchange Commission's (SEC) final decision on Grayscale Solana ETF (GSOL)…
Roger Ver, widely known in the crypto world as “Bitcoin Jesus,” has reached a settlement…
Senate Democrats have proposed new regulations for decentralized finance (DeFi) that they want to include…
Zcash (ZEC) now trades above $200. The rally reflects a reflexive surge in investor belief,…