Crypto Lobbying in the US

So here's the scoop: Super PACs tied to the crypto world have raked in over $102 million for the upcoming elections in 2024. That's the third highest amount for any super PAC involved in this election cycle, according to data from Opensecrets.org. The only ones ahead are those supporting Ron DeSantis’ now-defunct presidential bid and another for Democratic Senate candidates. A big chunk of that cash around $54 million comes straight from corporate donations, mostly from Coinbase and Ripple Labs, showing that the crypto industry is really cashing in on the unlimited corporate spending allowed by Citizens United. Interestingly, four out of the eight corporate donors to these crypto super PACs have either settled or are dealing with charges from the SEC over alleged securities law violations. Ripple Labs is in hot water, facing nearly $2 billion in fines. One of the main goals for these PACs seems to be pushing back against regulations. The rest of the money flowing into these super PACs is coming from wealthy crypto entrepreneurs and venture capitalists. Some notable contributions include $11 million each from the Andreessen Horowitz founders, $5 million from the Winklevoss twins, and $1 million from Coinbase's CEO, Brian Armstrong. Out of the six primary races that these crypto super PACs have gotten involved in and have concluded, only one candidate they backed has lost. There are eleven primary races where crypto's influence is still playing a role.

It is good to publish data with such transparency, especially in a country that is not friendly to cryptocurrencies. It is also good for cryptocurrency companies to adopt this policy by supporting Senate candidates in order to obtain supportive votes for them in draft resolutions. I expect that such a policy will yield positive results in the future towards enacting more open legislation towards cryptocurrencies. It is also necessary for more major crypto companies to join Crypto Super PACs to gain greater support for pro-crypto candidates. I expect Crypto Super PACs could make a difference in future crypto regulatory policies.

I think it's not about cryptocurrencies here, it's about business. Apparently, in the United States, it is believed that bribe lobbying should be allowed only for the upper class, and ordinary citizens should not be involved in it. In other areas of business it is the same and every big company has a budget for lobbying their interests.