Super political action committees (PACs) backed by the crypto sector have become one of the top three fundraisers for the 2024 election season.
These groups, which have raised more than $102 million, are backed solely by super PAC support. Ron DeSantisNonprofit consumer advocacy group supporting failed presidential campaigns and Democratic Senate candidates Citizens said in report It was released on Monday (May 6th).
More than half of the funds raised by crypto super PACs, approximately $54 million, come from direct corporate spending from companies such as: coinbase and ripple lab, according to the report. The rest comes from crypto executives and venture capitalists like the founders of. Andreessen Horowitz, gemini Founder cameron winklevoss and tyler winklevossCoinbase CEO brian armstrongaccording to the report.
“Of the six now-concluded 2024 primaries in which crypto super PACs intervened, only one crypto-backed candidate lost,” Public Citizen said on Monday. . press release About the report. “There are 11 primaries remaining that include crypto-backed candidates. Crypto super PACs have pledged to put money into the general election Senate races in the battleground states of Ohio and Montana. ”
According to the report, the Democratic incumbent has criticized the crypto sector in these two races.
Both of these candidates sherrod brown and John Testera member of the Senate Banking Committee, has been critical of cryptocurrencies, pointing to their use by Hamas and the Lazarus Group, Reuters report Monday.
At a time when both lawmakers and regulators are scrutinizing the crypto industry, crypto super PACs are raising money in hopes of influencing policy, Reuters reports.
In December, it was reported that industry experts were predicting the future state of the crypto industry. lobbying expenditures After hitting record highs in the first three quarters of 2023, the increase is expected to continue in 2024.
Coinbase Chief Legal Officer Paul Grewal At an investor meeting in June, the company said it would seek the following measures: legislative solution While fighting a lawsuit by securities and exchange commission (SEC).
“While we manage the litigation, we remain equally diligent in seeking urgent legal solutions,” Grewal said at the time.
