On November 5, 2024, the eyes of the world will be on the USA. In addition to the election of the US President, where Joe Biden is running for the Democrats and Donald Trump for the Republicans, the Congressional elections will also take place. These elections are of great significance for the cryptocurrency industry in the USA, as the regulation of cryptocurrencies still raises many open questions.
Coinbase recently donated $25 million to the Political Action Committee (PAC) Fairshake to support crypto-friendly candidates. Fairshake aims to promote candidates who facilitate the development of blockchain technology under clear regulatory frameworks.
In addition to Coinbase, Ripple and Andreessen Horowitz have each donated $25 million to Fairshake. In total, the PAC now has a budget of $161 million to support crypto-friendly candidates in the upcoming elections.
According to Coinbase, it is important to increase the number of pro-crypto members in the House of Representatives and the Senate, as they are significantly involved in the passage of crypto laws. The company emphasizes that 52 million Americans already own crypto, and there are many candidates who support cryptocurrencies, regardless of their party affiliation.
Coinbase also highlights the grassroots movement StandWithCrypto.org in a blog post, which also supports crypto-friendly candidates. The goal is to update an outdated financial system and create better financial infrastructure that promotes economic freedom.
These initiatives demonstrate how important the upcoming elections are for the crypto industry. Supporting crypto-friendly candidates could be crucial in shaping the future regulation of cryptocurrencies in the USA.
