Millions

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 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.
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<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.
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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

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