Crypto Pours Millions Into US Politics: $78M Donation Spree 

Key Points:

• Coinbase, Circle, and a16z contributed $78 million to a federal super PAC called Fairshake to promote “pro-crypto leadership.”
• The outcome of the upcoming elections, especially if Democrats win the presidency and Congress, could significantly impact the regulatory landscape for the crypto industry.

According to Financial Times, crypto pours millions into US Politics as the sentiment in Washington turns against the digital assets market.

They are directing funds towards electing pro-crypto legislators and influencing stalled bills in Congress before the presidential election next year.

This week, Coinbase, Circle, and a16z contributed $78 million to a federal super PAC called Fairshake, which aims to support “pro-crypto leadership.”

However, the industry is facing increased criticism from crypto critics, such as Senator Elizabeth Warren, who has called for a crackdown on illicit crypto activity. The formation of Fairshake is in response to Congress’s failure to pass a clear regulatory framework for crypto.

Crypto Pours Millions into US Politics

Read more: Coinbase Rebuttal Against Senator Warren For Willful Misrepresenting The Truth

The fines and penalties imposed on companies like Binance this year have been for violations of existing federal securities and money laundering laws. The industry is also facing challenges in terms of regulations surrounding stablecoins and digital tokens.

The increased lobbying efforts by crypto companies are aimed at influencing the upcoming elections and ensuring that pro-crypto candidates are elected. The outcome of the elections, especially if Democrats win the presidency and Congress, could have significant regulatory implications for the crypto industry in the coming years.

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