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Three Cryptocurrency-Funded Political Action Committees Gear Up for 2024 Election Cycle

Three politically affiliated action committees, backed by leaders in the cryptocurrency industry, are preparing to enter the 2024 election cycle armed with a substantial combined budget of $78 million. These committees are setting their sights on becoming influential players during this crucial political period and made their intentions known in an announcement on Monday.

The substantial financial resources that these PACs are poised to deploy in support of candidates who are likely to advocate for the interests of the cryptocurrency industry in the House and Senate demonstrate the industry’s ongoing efforts to sway election outcomes, despite facing some recent challenges. All three committees operate as super PACs, which grants them the ability to solicit and spend unlimited amounts of money to bolster their chosen candidates.

The Cryptocurrency industry encountered a setback when one of its major supporters, former cryptocurrency giant Sam Bankman-Fried, was arrested and subsequently convicted on seven criminal charges. Bankman-Fried had contributed over $36 million to various campaign efforts and PACs during the 2022 midterm elections, with allegations surfacing that some of these funds originated from his customers.

The three super PACs – Fairshake, Protect Progress, and Defend American Jobs – will collectively amass a war chest of $78 million heading into the upcoming election cycle after recently amassing substantial funds, according to a report from the network.

In the course of its official debut earlier in the year, Fairshake has garnered contributions from more than 20 prominent and influential figures within the cryptocurrency sector. Among the notable donors are the cryptocurrency-friendly investment firm Andreessen Horowitz, the cryptocurrency exchange platform Coinbase, seasoned venture capitalist Ron Conway, venture capital leader Fred Wilson, tech entrepreneurs Cameron and Tyler Winklevoss, and Ripple, a company providing solutions within the cryptocurrency realm, as disclosed by the super PAC itself.

Ben Horowitz, co-founder of Andreessen Horowitz, has publicly declared the firm’s intention to “support candidates who share our vision and to oppose those who seek to stifle America’s technological progress” through their financial contributions. Similarly, Brian Armstrong, CEO of Coinbase, recently announced a donation of $1 million to Fairshake during a conference.

Amidst the considerable resources at their disposal, the specific candidates that the committees plan to endorse next year remain uncertain. However, records from the Federal Election Commission indicate that the Fairshake super PAC has already allocated upwards of $1 million towards television advertisements in support of a select group of legislators, some of whom have demonstrated a history of advocating for the cryptocurrency industry.

A portion of these expenditures has been directed at backing House Financial Services Chairman Patrick McHenry, R-N.C., who has established himself as a prominent ally of the cryptocurrency field and recently revealed plans not to pursue reelection.

AI legalese decoder can help navigate the potentially complex legal implications surrounding the activities of these crypto-funded PACs, shedding light on the intricate regulations and compliance requirements that govern their funding and expenditure activities. By providing a clear and concise breakdown of the legal framework, the AI legalese decoder allows for better understanding and informed decision-making in this evolving political and financial landscape.

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