Federal super PAC Fairshake received $78 million this week from crypto firms.
The firms aim to back presidential candidates that have pledged to be pro-crypto leadership.
Crypto firms are increasing their donations to U.S politicians at a time when the market for cryptocurrencies is being closely monitored by regulators in Washington. Some major participants are increasing their funding to help elect pro-crypto lawmakers and forward legislation that has stagnated in Congress. These include Circle, Coinbase, and a16z.
Along with the Winklevoss twins and venture capitalist Ron Conway, this effort also includes Fred Wilson. Federal super PAC Fairshake, which may accept unlimited donations from people and businesses for political expenditure, received $78 million this week from Coinbase, Circle, and a16z combined.
Safeguarding Sector
Moreover, with these donations, the firms aim to back presidential candidates that have pledged to be “pro-crypto leadership” in the coming months.
Coinbase is anticipated to spend almost $4 million on lobbying activities this year, according to public disclosures. Also, similar efforts have received $760,000 from Circle since 2021. Also, these corporations are showing a stronger will to adapt to the changing regulatory environment by engaging with a federal super PAC.
But there are those in Washington who are speaking out against the crypto sector, and Democratic Senator Elizabeth Warren is one of them. Her letter to the White House and Treasury, sent in October with the support of almost a hundred other senators, demanded an end to illegal cryptocurrency transactions.
There have been indications that extremist organizations in the Middle East have been using digital assets for fundraising purposes, prompting this request.