Gemini

Long

Republican

Biden

Long at odds with the Biden administration, the crypto industry has launched a major political offensive to influence the Democratic Party. 
According to a Bloomberg report, a network of pro-crypto super Political Action Committees (PACs) has raised over $170 million to back crypto-friendly candidates in congressional primaries, focusing on supporting Democrats. 
<h2 id="crypto-industry-s-political-offensive">Crypto Industry’s Political Offensive&nbsp;</h2> 
To shape the Democratic Party’s trajectory, the crypto industry is funneling substantial resources through two influential <a href="https://bitcoinist.com/donald-trump-debuts-bitcoin-themed-sneaker-line/" target="_blank" rel="noopener ">super PACs</a>, embarking on a mission to wield significant influence in congressional primaries.&nbsp; 
At the forefront of this political chess match is Protect Progress, a pro-crypto political action committee that has flexed its financial muscles by injecting over $13 million into US congressional campaigns. 
According to Federal Election Commission filings, along with kindred spirits Fairshake and Defend American Jobs, Protect Progress forms a trio that has amassed a $170 million <a href="https://bitcoinist.com/trump-receives-852000-in-btc-donation/" target="_blank" rel="noopener ">war chest </a>for the 2024 campaign cycle.&nbsp; 
Backers of this political crusade also include venture capital firm Andreessen Horowitz, commonly known as a16z, US-based exchange Coinbase, and the Winklevoss brothers of the Gemini exchange, also based in the US. 
Per the <a href="https://www.bloomberg.com/news/articles/2024-08-06/fhlbs-face-amped-up-pressure-from-biden-administration-senators" target="_blank" rel="noopener nofollow">report</a>, the objective of these super PACs is crystal clear: advocate for heightened regulatory clarity within the crypto realm. A bone of contention arises from criticisms levied against the US Securities and Exchange Commission for what some perceive as regulatory overreach through enforcement actions witnessed over the past years. 
<h2 id="backing-both-democrats-and-republicans">Backing Both Democrats And Republicans</h2> 
Unlike conventional political action committees, Bloomberg notes that these super PACs enjoy the freedom to receive “unlimited contributions” from corporations, individuals, and other super PACs, but without the privilege of&nbsp;directly&nbsp;<a href="https://bitcoinist.com/donald-trumps-latest-commentary-on-bitcoin/" target="_blank" rel="noopener ">contributing</a><a href="https://bitcoinist.com/donald-trumps-latest-commentary-on-bitcoin/" target="_blank" rel="noopener ">&nbsp;</a>to or coordinating with candidates or their campaigns. 
In a strategic display of bipartisan engagement, Protect Progress has allocated substantial funds towards backing pro-digital asset Democrats, in stark contrast to its siblings’ proclivity for supporting crypto-friendly Republican candidates.&nbsp; 
However, one of the keys to these campaigns has been the pro-innovation stance of former President Donald Trump, who has also received <a href="https://bitcoinist.com/ripple-clo-alderoty-300000-xrp-donald-trump/" target="_blank" rel="noopener ">donations </a>from Kraken exchange executives, the Winklevoss twins, Coinbase and Ripple Labs executives, led by his promise to be the first “crypto president” in the US.&nbsp; 
In addition, Trump has <a href="https://bitcoinist.com/donald-trump-for-crypto-pledges-to-fire-gensler/" target="_blank" rel="noopener ">vowed </a>to fire Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has been at the forefront of uncertainty and enforcement actions regarding regulating digital assets.&nbsp; 
This has led to significant support for a potential Trump re-election and notable <a href="https://bitcoinist.com/donald-trumps-appearance-at-2024-bitcoin-conference/" target="_blank" rel="noopener ">donations </a>to his campaign. Nonetheless, Bloomberg notes that the effort of these super PACs is to follow in the footsteps of Democrats, who also see cryptocurrencies as a potential plan to leverage the technology along with pro-crypto regulation.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/ZOqiet9M/" alt="Crypto" width="1814" height="858"> 
Featured image from DALL-E, chart from TradingView.com&nbsp;

Political Donations From Crypto Industry Extend To Democrats, Report Finds

Table of Contents

Bitcoinist

Other articles published on Aug 7, 2024

Binance Records $1.2 Billion Net Inflow Amid Market Downturn

Solana Recovered By Over 35%; Here’s the Next Move

Pepe Price Up Over 20% as Market Recovers, Pepe Unchained ICO Raises $7.4M

Binance CEO Richard Teng Announced! Despite the Decline in Bitcoin, Binance Reached a New Record!

Nexera Hack: Hacker Swaps 14.7 Million NXRA Tokens for $450,000 USDT

Good News for Bitcoin (BTC) and Ethereum (ETH) from Hong Kong! "This Will Be a First!"

Join our free newsletter for daily crypto updates!