Millions

<div class="intro-text">
 Coinbase, Andreessen Horowitz (a16z), Electric Capital, and Ripple have donated tens of millions to the Fairshake Political Action Committee (PAC) with a collective goal of showing support for candidates who are favourable towards the crypto sector ahead of the upcoming U.S. elections.
</div>
<a style="color: #0000ff;" href="https://www.bloomberg.com/news/articles/2024-01-31/coinbase-coin-and-ceo-armstrong-prep-war-chest-for-pro-crypto-politicians" rel="noopener noreferrer nofollow">According to reports by Bloomberg</a>, Coinbase CEO Brian Armstrong contributed $1 million, while Coinbase itself contributed $24.5 million, making up approximately one-third of the PAC’s $85 million funds. Ripple, on the other hand, contributed $20 million to the PAC. Andreessen Horowitz and Electric Capital contributed $20 million and $500,000, respectively.&nbsp;
<a href="https://www.reuters.com/business/finance/us-crypto-industry-lobby-spending-track-new-record-2023-2023-12-05/" rel="noopener noreferrer nofollow">In December 2023, crypto firms spent nearly $19 million in lobbying efforts alone</a>, bringing a 15.2% increase compared to the previous year. These companies are investing heavily in efforts to shape U.S. crypto regulations. <a style="color: #0000ff;" href="https://www.bloomberg.com/news/articles/2024-01-31/coinbase-coin-and-ceo-armstrong-prep-war-chest-for-pro-crypto-politicians" rel="noopener noreferrer nofollow">Coinbase led the pack in lobbying</a> over $2.16 million, followed by Foris DAX, the Blockchain Association, and Binance Holdings.&nbsp;
This donation to the Fairshake PAC signals the crypto industry’s eagerness to find allies within the U.S. government. <a href="https://www.reuters.com/business/finance/us-crypto-industry-lobby-spending-track-new-record-2023-2023-12-05/" rel="noopener noreferrer nofollow">The crypto market’s pursuit of regulatory clarity didn’t just start now.</a> The donation is a part of strategic efforts by stakeholders in the sector to influence the U.S. political landscape and gain regulatory clarity.
Andreessen Horowitz’s head of government affairs, <a href="https://twitter.com/Collin_McCune/status/1736753196666691995" rel="noopener noreferrer nofollow">Collin McCune, </a>stressed the importance of supporting “pro-tech” candidates <a style="color: #0000ff;" href="https://twitter.com/Collin_McCune/status/1736753196666691995" rel="noopener noreferrer nofollow">in a post on X</a> in December 2023. According to him, supporting these candidates would create a regulatory environment conducive to both blockchain technology and digital assets.
<a style="color: #0000ff;" href="https://www.cnbc.com/2023/12/31/state-of-crypto-regulation-in-2023-eu-laws-approved-but-us-is-top-cop.html" rel="noopener noreferrer nofollow">The crypto sector in the U.S. has been battling government authorities for years to establish clear and favourable regulations for its operations.</a> While U.S. lawmakers have proposed several bills, there is still no definitive legislation specifically tailored to the industry. This uncertainty remains a challenge for the sector as it tries to compete with other markets in other parts of the world.
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/02/crypto-giants-including-coinbase-and-ripple-donate-millions-to-fairshake-pac-ahead-in-u-s-elections/" rel="noopener noreferrer nofollow">Crypto Giants, Including Coinbase and Ripple, Donate Millions to Fairshake PAC Ahead in U.S. Elections</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Crypto Giants, Including Coinbase and Ripple, Donate Millions to Fairshake PAC Ahead in U.S. Elections

DeFi Planet

Other articles published on Feb 1, 2024

Bitcoin ETFs Absorb 5x BTC Than Miners Produce Daily: Gabor Gurbacs

Animoca Brands Japan’s New COO to Set Rivalry for Web3 Companies

GitHub repository exposed Binance’s internal passwords and code

Retik Finance (RETIK) Price Forecast 2024: Is RETIK the Next Solana (SOL)?

Illegal Crypto Mining Equipment Seized by South Korean Customs

We Examine Why This New Crypto Is Set To Overtake AVAX, TRX, LINK, DOT and MATIC

Join our free newsletter for daily crypto updates!