The political influence of the digital asset industry is on the rise, fueled by a recent $10 million donation from Jump Crypto to Fairshake PAC, a major player in congressional funding. This contribution brings the PAC's total war chest to a staggering $169 million, making it one of the most powerful campaign financiers in the 2024 elections. This significant investment aligns with the recent surge in interest and investment in the cryptocurrency sector, with Bitcoin price currently hovering. The growing adoption and price fluctuations within the crypto market highlight the industry's potential impact on policy decisions.
Jump Crypto, a Chicago-based investment firm, has now donated a total of $15 million to Fairshake PAC, which aims to elect pro-crypto candidates to Congress and advocate for favorable regulations. With less than five months until Election Day, Fairshake and its affiliated PACs still have $109 million at their disposal, according to recent filings.
"The crypto community is building a strong bipartisan force to support innovation and job creation in the U.S.," stated PAC spokesman Josh Vlasto. Their focus lies not on presidential candidates but on backing experienced incumbents and those seen as supportive of the cryptocurrency industry.
This hefty contribution from Jump Crypto follows a series of substantial donations from other major crypto players like Coinbase, Ripple, and Andreessen Horowitz. Recent congressional votes have provided valuable insights into lawmakers' stances on crypto regulations. The House of Representatives' passage of the FIT21 Act, the first significant crypto-related legislation to gain approval in a chamber of Congress, is a prime example. While the Act's fate in the Senate remains uncertain, these votes, along with the vetoed effort to overturn the SEC's crypto account policy (SAB 121), have revealed pockets of bipartisan support for crypto regulation.
Advocacy groups, such as Coinbase's Stand With Crypto, use these votes to evaluate and rank politicians based on their crypto-friendliness. Senator Mark Warner's opposition to the SAB 121 resolution landed him a "D" grade, while Senator Chuck Grassley's support earned him a "B." This focus on key votes has boosted Stand With Crypto's online membership to over a million and recently led them to endorse 22 candidates with top marks.
