Crypto Industry Raises $78M for Super PACs, Boosting Crypto-friendly Lawmakers

A network of super PACs supported by cryptocurrency executives and investors has raised $78 million to influence the 2024 elections, with backing from companies like Coinbase and venture capital firm Andreessen Horowitz. The goal is to support candidates who advocate for crypto-friendly policies amid increased regulatory scrutiny. One of the affiliated super PACs, Fairshake, has already spent over $1.2 million on TV ads supporting House candidates. The crypto industry hopes that a political shakeup in 2024 will help shape favorable policies in Washington. Coinbase has also launched a grassroots advocacy campaign, and more pro-crypto super PACs are expected to mobilize in the future.