With $119M raised, the crypto industry focuses on critical US congressional races to drive policy reform, potentially reshaping the future of digital assets.
As the 2024 elections approach, the crypto industry has amassed a massive war chest of $119 million through its super PAC, Fairshake. Surprisingly, these funds are being funneled into down-ballot races rather than the high-profile presidential race between Kamala Harris and Donald Trump. The industry's focus on the US Congress could prove crucial in shaping the future of crypto regulations.
Key Points:
Congressional Control Matters: Laws impacting cryptocurrency will largely be introduced and shaped in the US Senate and House of Representatives. Hence, the composition of Congress is critical for the industry’s future.
Fairshake's Bipartisan Strategy: Fairshake’s funding strategy is evenly split between Republican and Democratic candidates, focusing on races where crypto supporters face off against traditional skeptics.
Ohio Senate Race Spotlight: Sherrod Brown, a known crypto skeptic, faces a tough battle against Bernie Moreno, a blockchain advocate. Fairshake has allocated $12 million to back Moreno.
Committee Leadership at Stake: Winning congressional seats means control over key committees, such as the Senate Banking Committee, could shift in favor of crypto-friendly legislators.
Influence Beyond the Presidency: While the White House race garners attention, much of the crypto sector’s future will be shaped in Congress, where laws and regulatory frameworks are crafted.
As the crypto industry faces critical regulatory hurdles, the 2024 congressional elections hold immense significance for its future. By focusing on down-ballot races, Fairshake aims to ensure a pro-crypto majority in Congress, influencing legislation for years to come. The outcome of these races could be a defining moment in shaping the regulatory landscape for digital assets in the US.
Source: Cointelegraph
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