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- 1 The cryptocurrency donations of U.S elections significantly increased- Reports.
- 2 Coinbase and others have poured millions to support the functioning and organizing of elections.
- 3 Digital assets have played a role in fundraising by extremist organizations in the Middle East.
Cryptocurrency companies are dramatically increasing their contributions to US elections, by injecting significant amounts of money.
Prominent crypto-related companies including stablecoin operator Circle, Nasdaq-listed exchange Coinbase, and venture capital company Andreessen Horowitz’s cryptocurrency investment arm, a16z, are investing more money to help elect pro-crypto politicians and forward legislation that has been sitting on the shelf in Congress.
Prominent figures in the domains of digital assets and venture capital, such as the Winklevoss twins, Fred Wilson, and Ron Conway, have also endorsed this endeavor.
However, the November elections are beginning to look big in fundraising calculations.
Fairshake has spent a meager $292,000 to date, much of which has gone to Patrick McHenry, the former chair of the House financial services committee who will not run for re-election in 2024.
McHenry, as committee chair, has co-sponsored legislation to regulate the usage of stablecoins.
Following allegations that digital assets have played a role in fundraising by extremist organizations in the Middle East, about 100 congressmen issued a letter to the White House and Treasury in October demanding a crackdown on illegal crypto activities.
In the past few years involvement of crypto and leading crypto enthusiasts in U.S politics has significantly surged and the majority of reports show that a significant amount of money in crypto is poured into elections.
In 2022, Coinbase spent $3.4 million on government lobbying, more than any other bitcoin business.
Why the Crypto Involvement of U.S Politicians is Important?
The views of a presidential candidate on Bitcoin and crypto are important not only because the president leads the country, but also because the President is responsible for appointing the heads of more than 50 independent federal commissions, including the SEC, CFTC, Federal Reserve, and Treasury.
Each candidate gave a speech on crypto policymaking and other regulatory frameworks for cryptocurrency.
According to their viewpoint, the construction of a uniform regulatory framework, from limiting the authority of federal regulators to teaching legislators about crypto and shielding developers from criminal prosecutions.
As authorities push forward digital asset regulation, crypto-related companies may expect to influence laws.
Crypto & Bitcoin Price Overview
In the past few quarters, the entire crypto market has shown significant unprecedented moves. The pioneer of all cryptos, Bitcoin, crossed the much-awaited resistance of $44k.
When writing, BTC was trading at $43,337.34 with approximately 1% decline intraday. However, on the occasion of Christmas entire crypto was observed to be slow and some major coins and tokens lost over 5% of their trading volume.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
