Crypto Billionaires Go All-In: $160 Million Fund Takes Aim At Senate Democrats | Bitcoinist.com



As
the
US
elections
approach,
crypto
billionaires
have

reportedly
amassed
a
staggering
$160
million
war
chest
to
support
candidates
supporting
favorable
digital
asset
industry
regulations


This
influx
of
funds
positions
the
industry
as
one
of
the
most
influential
players
in
federal
campaign
finance,
with
the
potential
to
sway
the
outcome
of
Senate
races
and
even
determine
the
majority
party. 


Crypto
Giants’
Fight
For
Regulatory
Reform


According
to
a
Bloomberg


report
,
the
industry’s
political
action
committee
(PAC),
Fairshake,
along
with
affiliated
groups,
has
witnessed
a
rapid
surge
in
funding
in
recent
weeks,
thanks
to
major
contributions
from
prominent
players
such
as
Ripple
Labs,
Andreessen
Horowitz,
and
Coinbase
Global. 

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Notable
figures
like
Cameron
Winklevoss
and
Tyler
Winklevoss,
co-founders
of
Gemini
exchange,
also
made
substantial
donations
earlier
this
year.


The
CEO
of
Coinbase,


Brian
Armstrong
,
whose
net
worth
has
skyrocketed
alongside
the
crypto
market’s
resurgence,
has
actively
called
for
the
support
of
lawmakers
who
back
digital
assets.


Crypto
giants
aim
to
diminish
the
oversight
imposed
by
the
Securities
and
Exchange
Commission
(SEC),
which
has
initiated
lawsuits
and
imposed


significant
fines


on
major
cryptocurrency
players. 


Gary
Gensler,
the
chair
of
the
SEC,
has
openly
criticized
the
industry,
highlighting
concerns
of
“fraud
and
inadequate
customer
asset
protection.”
Platforms
like
Coinbase,
which
faced
legal
action
from
the
SEC
for
alleged
securities
law
violations,
have
much
at
stake
if
the
regulator’s
stance
prevails. 


Pressure
Mounts
On
Brown
And
Tester
In
Senate
Races


Per
the
report,
Fairshake’s
political
influence
is
expected
to
focus
on
the
reelection
campaigns
of
Senators
Sherrod
Brown
and
Jon
Tester.
As
the
only
two
Democratic
incumbents
running
in
states
won
by
Donald
Trump
in
the
previous
election,
they
are
vulnerable
to
Republican
challenges. 

Coinbase Banner  


The
pressure
on
Senators
Sherrod
Brown
and
Jon
Tester
is
mounting
as
they
face
scrutiny
from
both
sides
of
the
crypto
debate.
Brown,
who
received
an
“F”
grade
on
a
digital
advocacy
website
promoted
by
Coinbase
CEO
Brian
Armstrong,
is
challenged
by
Bernie
Moreno,
a
Republican
candidate
known
for
his
crypto
advocacy. 


On
the
other
hand,
Tester
is
labeled
as
fairly
neutral
on
the
issue
but
is
targeted
by
his
opponent,
Tim
Sheehy,
who
accuses
Tester
of
attempting
to
stifle
crypto
innovation.


The
Democratic-led
Senate,
thus
far,
has
not
taken
action
on
industry-friendly
digital


regulation
bills
,
which
the
Republican-controlled
House
approved
in
May.
However,
Senator
Debbie
Stabenow
of
Michigan
has
shown
support
for
legislation
to
regulate
crypto
assets
through
the
Commodities
Futures
Trading
Commission
(CFTC),
which
has
a
significantly
different
approach
to
innovation
and
regulation
of
the
industry.


Ultimately,
the
crypto
industry’s
$160
million
war
chest
has
catapulted
it
into
a
prominent
position
in


US
campaign
finance
.
It

can
potentially
shape
the
outcome
of
Senate
races
and
influence
the
trajectory
of
crypto
regulations. 


With
the
reelection
campaigns
of
Senators
Sherrod
Brown
and
Jon
Tester
at
the
center
of
attention,
the
battle
between
crypto
billionaires
and
skeptics
will
determine
the
industry’s
fate
in
the
halls
of
power. 

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The
daily
chart
shows
the
total
crypto
market
cap’s
valuation
at
$2.3
trillion.
Source:

TOTAL
on
TradingView.com


Featured
image
from
DALL-E,
chart
from
TradingView.com

Go to Source
Author: Ronaldo Marquez


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