Regulation
Jump Crypto Strengthens Pro-Crypto PAC With $10 Million Donation
Jump Crypto, a Chicago-based investment firm, recently contributed an additional $10 million to a US political action committee (PAC) that aims to elect pro-crypto members to Congress with the goal of passing legislation favorable to the industry. With this latest donation, Jump Crypto’s total contribution amounts to $15 million.
Unity in Crypto and Blockchain Communities
As spokesperson Josh Vlasto reported, the funds allowed Fairshake and its affiliated PACs to raise nearly $169 million, positioning them among the most formidable campaign finance operations for the 2024 elections .
Super PACs invested heavily in primaries, with heavy advertising spending that helped lead many of their favored candidates to likely victories in the November general election. Vlasto highlighted the unity within the crypto and blockchain communities, which have formed an enduring bipartisan coalition.
He underscored the coalition’s long-term commitment to supporting candidates who will work with industry to enact responsible regulations that promote innovation, job creation, and support U.S. leadership globally.
Despite the substantial financial support, a Jump spokeswoman declined to comment on the contribution. Recent developments indicate that Jump Crypto’s donation is part of a broader industry trend, with major companies like Coinbase Inc., Ripple, and Andreessen Horowitz each making a follow-up donation of $25 million.
Source: Fairshake
These contributions have significantly strengthened the financial strength of Fairshake and its associated PACs, namely Defend American Jobs and Protect Progress, which reported holding $109 million as of the last filing with the Federal Election Commission on May 31.
With less than five months until the election, the PAC has clarified that it is focused on supporting established congressional incumbents and pro-crypto candidates, without expanding its support for presidential candidates.
This strategy comes at a time when Congress’ position on crypto is becoming clearer. The House and Senate recently voted on measures related to digital assets, providing a new way to evaluate lawmakers’ positions.
Legislative developments
As for legislative developments, the House passed the Financial Innovation and Technology for the 21st Century (FIT21) Act in May, marking the first extensive crypto oversight legislation to pass a chamber of Congress.
Although its future in the Senate remains uncertain, the industry immediately gained insight into members who support crypto regulations.
Another significant congressional action was the vote to overturn a controversial Securities and Exchange Commission policy on crypto accounts, Staff Accounting Bulletin No. 121 (SAB 121), which President Joe Biden ultimately opposed. veto.
That vote revealed bipartisan support that defied the preferences of the SEC and the White House, including 11 Senate Democrats who sided with Republicans.
These legislative activities drew stronger-than-expected support from Democrats, information used to gauge lawmakers’ positions on cryptocurrency.
Stick with cryptoan advocacy group initiated by Coinbase, established a rating system for politicians based on their voting records on crypto-related issues.
For example, Senator Mark Warner (D-Virginia) received a “D” for voting against SAB 121, while Senator Chuck Grassley (R-Iowa) received a “B” for his vote. favorable.
Stand With Crypto also engaged over a million Americans to advocate for crypto-friendly policies in Washington, DC. According to the PAC, 52 million Americans hold some form of cryptocurrency, and a large majority believe the current financial system needs an overhaul.
The group also claims that 45% of Americans surveyed would not support a candidate opposed to cryptocurrencies, highlighting the growing influence of crypto politics in electoral politics.