Donald Trump

Chair

Gary

The upcoming US Presidential election is getting intense as the digital assets industry leaders are stepping up too. Crypto billionaires and their allies have pooled $160 million to support candidates favoring regulations on the embattled industry. This move had made the <a href="https://news.todayq.com/tether-1-billion-plan-what-it-have-for-crypto/" rel="noopener noreferrer nofollow">crypto sector</a> a major player in federal campaign finance. This will be a crypto election 
According to reports, the Senate’s current Democratic majority hinges on the re-election of two key figures. Both are crypto skeptics and hold strong influence over legislation affecting the industry. These states were won by Donald Trump in the last presidential election.
Fairshake alongside allied groups has nearly doubled its funding in recent weeks. It is a political action committee (PAC) representing the crypto industry. Contributions of $25 million each from Ripple Labs, venture capital firm Andreessen Horowitz, and Coinbase Global Inc. have boasted their resources.
Coinbase CEO Brian Armstrong’s net worth has surged to $10.8 billion amid the crypto market rebound. He has been vocal about lawmakers unsupportive of digital assets. However, he recently met with over a dozen senators to discuss crypto regulation. Faryar Shirzad, Coinbase’s chief policy officer, highlighted the necessity of political engagement to advance the industry’s agenda.
The crypto sector aims to reduce oversight from the Securities and Exchange Commission (SEC). The watchdog has been aggressive in its enforcement actions. SEC Chair Gary Gensler has criticized the industry for pervasive fraud and inadequate customer asset safeguards. Who’s winning? 
Platforms like Coinbase stand to lose big time if the regulator’s stringent stance prevails. It was SEC sued last year for allegedly violating securities laws&nbsp;
Fairshake’s spokesman, Josh Vlasto, indicated that the PAC is monitoring the reelection campaigns of both Brown and Tester, although no commitments have been made regarding expenditures in these races.
The Democratic-led Senate has yet to act on a regulatory package favorable to the industry, which the Republican-controlled House passed in May.&nbsp;
Senator Debbie Stabenow of Michigan is collaborating on legislation to regulate crypto assets under the Commodities Futures Trading Commission, the industry’s preferred regulator. Majority Leader Chuck Schumer supports this “reasonable regulation.”
The crypto industry witnessed a drawdown over the past few months. The cumulative crypto market cap dropped below the $2.5 trillion mark as Bitcoin price declined by 7% in the last 7 days.

Crypto industry’s $160M bet on presidential race

Todayq News

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