2024

Patrick

Story

The pro-crypto political action committee (PAC) Fairshake and its affiliates have raised $100 million for the upcoming 2024 U.S. elections. This financial backing may have influenced recent legislative and regulatory actions favoring the cryptocurrency industry. 
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 💰 Spending on elections prompts lawmakers to pass a markets bill and could have a positive effect on a stablecoin bill, TD Cowen says.— Mindthechart.io (@mtc_terminal) <a href="https://twitter.com/mtc_terminal/status/1795539176424685997?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 28, 2024</a>
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<a href="https://www.citizen.org/article/cryptobros-united-fairshake-super-pac-2024-elections/" target="_blank" rel="noopener">According</a> to TD Cowen’s Washington Research Group, the substantial funds amassed by Fairshake PAC likely contributed to the Securities and Exchange Commission’s (SEC) approval of eight spot Ethereum exchange-traded funds (ETFs). This decision was followed by the U.S. House of Representatives passing a crypto market structure bill, which received bipartisan support. 
Crypto-related PACs have raised their contributions for more crypto-friendly legislation and spending from Coinbase and Ripple Labs. This financial clout is viewed positively for the potential passage of a stablecoin regulation bill soon, which is currently under consideration by lawmakers. 
The stablecoin regulation bill, championed by Rep. Patrick McHenry and Rep. Maxine Waters, speaks to who should be primary regulators of stablecoin issuers, federal or state. 
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 Also read: <a href="https://www.cryptotimes.io/2024/05/24/inside-story-of-how-politics-led-to-sec-approval-of-eth-etf/">Inside Story of How ‘Politics’ led to SEC approval of ETH ETF</a> 
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Crypto PAC Raises $100M, Influences U.S. Crypto Policy

The Crypto Times

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