Highlights:
- Jump Crypto’s latest $10 million donation raises Fairshake PAC’s total to $169 million for the 2024 elections.
- Fairshake PAC, with $109 million still available, stands as one of the largest U.S. election funds.
- Recent congressional votes spotlight increasing bipartisan support for crypto-friendly legislation.
The Fairshake PAC, representing the digital assets industry, continues to wield substantial influence in U.S. congressional races. PAC spokesman revealed a $10 million donation from Jump Crypto, boosting the PAC’s total to an impressive $169 million.
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With this contribution, Jump Crypto, a Chicago-based investment firm, has significantly enhanced the financial power of the industry’s campaign efforts. The PAC now holds $109 million in reserves, making it one of the largest funds targeting the 2024 elections.
JUST IN: JUMP CRYPTO GIVES $10M TO PRO-CRYPTO POLITICAL LOBBYING GROUP ‘FAIRSHAKE’
— BSCN Headlines (@BSCNheadlines) June 19, 2024
Expanding Influence in Congress
Fairshake PAC aims to accelerate the election of pro-crypto members to Congress. Josh Vlasto, a spokesman for the PAC, confirmed the latest contribution and highlighted the coalition’s bipartisan and long-term strategy. Vlasto stated,
The crypto and blockchain communities have truly come together to form a sustainable bipartisan coalition and an effective operation built for the long term,” We will continue supporting candidates committed to getting things done and working with the industry to pass responsible regulation that drives innovation, creates jobs, and sustains America’s global leadership.
Jump Crypto’s eight-digit donation follows substantial contributions from major crypto firms like Coinbase, Ripple, and Andreessen Horowitz, each adding $25 million, per Crypto2Community’s report. These donations underline the industry’s commitment to shaping legislative outcomes favorable to digital assets.
Targeted Political Action
The Fairshake PAC and its affiliates, Defend American Jobs and Protect Progress, focus solely on congressional races, steering clear of presidential campaigns. With the upcoming elections in November, the PAC’s strategic spending on large-scale ad campaigns has already positioned many of its favored candidates for potential victories.
Recent legislative activities have provided clear indicators of congressional members’ stances on crypto regulation. In May, the House passed the Financial Innovation and Technology for the 21st Century Act (FIT21), the first comprehensive crypto oversight legislation. While its future in the Senate remains uncertain, the House vote offered valuable insights into lawmakers’ positions.
Additionally, both chambers voted to reverse the Securities and Exchange Commission’s (SEC) crypto account policy, known as Staff Accounting Bulletin No. 121 (SAB 121). Although President Biden vetoed the measure, it demonstrated bipartisan support against the SEC policy. Eleven Senate Democrats joined Republicans, showcasing a growing bipartisan coalition favoring crypto-friendly regulations.
Grading Lawmakers on Crypto Support
Stand With Crypto, an advocacy group launched by Coinbase, has been instrumental in grading politicians based on their crypto support. Sabrina Siddiqui, a spokesman for the group, emphasized the educational value of recent votes, stating, “Recent votes have helped us educate our advocates on where politicians stand on crypto.” Stand With Crypto’s grading system evaluates lawmakers’ support, with grades like “D” for Senator Mark Warner (D-Va.) and “B” for Senator Chuck Grassley (R-Iowa), reflecting their respective positions on SAB 121.
The organization recently endorsed 22 candidates, all receiving “A” grades for their pro-crypto stances. With more than a million online members, Stand With Crypto continues to galvanize support and influence legislative outcomes.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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