Huge news! We got the crypto industry coming together, donating $78 million (and counting) to pro-crypto candidates for the 2024 elections.
As the banking TradFi industry is getting disrupted, they are lobbying heavily. And of course, we saw recently that the American Bankers Association, which of course includes all the banks, plus Jamie Dimon’s comments in the past few weeks — they wrote US Senator Elizabeth Warren’s anti-crypto bill, that would essentially ban crypto.
So, we need to fight back. And that is to call your representatives, make content and expose the lies of Elizabeth Warren and Gary Gensler.
Read: US Senator Elizabeth Warren Releases New Anti-Crypto Bill – Is Crypto In Danger?
Money Talks
The crypto industry is planning to get the pro-crypto candidates and even other members of Congress to come on board. Because we know how politics works — money is a big factor. And this pool of money is only going to continue to get larger.
According to Coinbase’s recent blog post, the TLDR of this campaign is, “With over $78 million already raised in Q4, crypto’s potential to help update the financial system and give everyday Americans a fair shake hinges on the election of candidates and the enactment of policies that support responsible, fair rules. Just 9% of Americans are satisfied with the current system. The crypto industry has raised over $78 million – as a start – to support the 52 million Americans who own digital assets and want a fair shake at the American Dream.”
Figures And Companies Who Donated
Coinbase highlighted the list of figures and companies that participated. And some of the names will come as no surprise:
- Andreessen Horowitz
- Ark
- Brian Armstrong
- Blockchain Capital
- Wences Casares
- Circle
- Coinbase
- Ron Conway
- Cumberland
- Framework Ventures
- Hunter Horsley
- Jump Crypto
- Kraken
- Lightspark
- Messari
- Multicoin Capital
- Paradigm
- Potter Ventures
- Ripple
- Fred Wilson
- Cameron Winklevoss
- Tyler Winklevoss
Brian Armstrong, CEO of Coinbase, said, “The crypto industry has a large war chest now to elect pro-crypto candidates in 2024. We’re proud to contribute, and give the 52m Americans who have used crypto better representation.”
Faryar Shirzad, Chief Policy Officer of Coinbase, also weighed in on the matter stating, “$78 million and counting for the Fairshake Super PAC. 215+ thousand Americans signed up with Stand With Crypto as advocates. The first ever National Crypto Presidential Forum in New Hampshire. 2 founder fly-ins and 50+ meetings with congressional offices in DC… This is what a motivated crypto community has accomplished since the start of the fall, and we’re just getting started.”
Coinbase’s Chief Legal Officer Paul Grewal, also highlighted, “It’s long past time for a fair shake. Regulators and courts can’t do it alone. We need to elect representatives who understand innovation and especially crypto and their role in America’s future.”
Ripple Leads The Charge
Ripple CEO Brad Garlinghouse also weighed in and said, “Team Ripple is putting a stake in the ground, leading the charge with other industry leaders to support pro-innovation and pro-crypto candidates in the 2024 US election cycle. The US cannot afford to continue taking a back seat on the global stage. Regulatory overreach (esp from the SEC) is actively moving the US in the wrong direction, and other countries are taking full advantage of the lack of US leadership. We need to advance leaders who will champion innovation and spearhead paths towards responsible regulation. 2024 is the time to go back to first principles by encouraging initiatives to promote transparency, innovation and a compliance-first approach. Team Ripple and I won’t squander it.”
Final Thoughts
Incredible what is currently happening here — this is very bullish. This is what the industry needs to do. And the crypto community is glad they are doing it now ahead of this election. And like I said, money is going to be a big factor.
Even when Ripple was getting sued, the industry needed to come together because it was an attack on the crypto industry, and all these lawsuits that were coming from the SEC with all the back and forth fighting.
It was time for the crypto community to come in, pull their resources, their money, their capital and start fighting back. And I love that this is happening because a house divided will only fall, and a house united will stand.