The upcoming presidential election in the USA crypto money companies are contributing billions of dollars. Giants like Coinbase and Ripple are trying to create a strong influence in the political arena to turn regulations in their favor. The developments also bring concerns that consumers’ rights may be weakened.
Giant Names of the Cryptocurrency World on Stage
Ahead of the presidential elections in the US in November, the big names of the cryptocurrency world have taken to the stage. Coinbase and Ripple are supporting cryptocurrency-friendly candidates by making huge investments in super political action committees. Public CitizenAccording to a report published by , the donations made by these two companies bring the risk of loosening regulations. It is emphasized that large cryptocurrency companies provided 48% of the $248 million political contributions. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Coinbase and Ripple stand out as the two largest companies aiming to directly influence the 2024 elections. Rick Claypool, Public Citizen’s research director, says these companies are trying to influence the elections with an astronomical amount of $99 million in total. More than half of the donations to Fairshake PAC this year alone came from companies like Coinbase and Ripple. The donations are aimed at electing politicians who will shape the future of cryptocurrencies.
The Political Campaign’s Biggest Financiers
The cryptocurrency industry has become one of the biggest financiers of political campaigns in the U.S., and has been one of the biggest beneficiaries of the liberalization provided by the Supreme Court’s Citizens United decision in 2010. Since then, companies have been able to channel unlimited funds to super PACs and other independent groups, and the process has led to cryptocurrencies increasingly having a say in elections.
During this process, there were differences of opinion even in the crypto world. For example, technology billionaire Ron Conway parted ways with pro-crypto super PACs like Fairshake after those groups, unbeknownst to him, invested millions of dollars in campaigns targeting Democratic figures like Senator Sherrod Brown.
The significant role that cryptocurrencies play in the US elections offers serious clues about the direction of future regulations and economic policies. The influence of giants such as Coinbase and Ripple in this process could lead to radical changes not only in the crypto world but also in financial regulations in general.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
