🔥 Crypto Enterprises Dive into the US Electoral Race
posted 15 Mar 2024
Cryptocurrency magnates are tapping into their vast resources to sway the upcoming US government towards a more crypto-friendly direction.
The Fairshake lobby group has amassed $75 million to finance election campaigning for or against certain candidates, with high-profile contributions from Coinbase's CEO Brian Armstrong, the Winklevoss twins, and Marc Andreessen.
Despite the concerted efforts and financial backing, altering the electoral prospects of renowned crypto opponent Elizabeth Warren seems far-fetched. Nonetheless, the funding is deemed sufficient to influence the fate of less prominent candidates.
According to Kristin Smith, CEO of the Blockchain Association, aligning with Senator Warren could significantly complicate elections for prospective candidates. She highlighted the association's monitoring of Senator Sherrod Brown, a proponent of tighter crypto market regulations.
It’s sort of an open question as to what, if any, moves he’s going to make on crypto through the rest of the year,Kristin Smith remarked.
Crypto lobbying led to Democrat Katie Porter withdrawing from the California Senate race, costing $10 million and making room for a more crypto-friendly candidate, Democrat Adam Schiff.
Yet, some political figures contend that even with these generous donations and informational efforts, impacting the positions of over four hundred electoral race participants significantly remains a challenge.
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