- Another $10 million donated by Jump Crypto to the industry’s U.S. campaign super PAC has further amplified the spending potential in congressional races.With $109 million still on-hand, the fund is among the nation’s largest for the 2024 election.
In his statement, Vlasto expressed that the crypto and blockchain sectors have successfully united as a durable, cooperative force for the future. He pledged to back politicians who are dedicated to accomplishing goals and collaborating with the industry to enact sensible regulations that stimulate growth, generate employment opportunities, and preserve America’s dominant position on the global stage.
As a researcher, I’ve come across an announcement where Jump, a well-known company in our industry, chose not to respond to my queries regarding their latest eight-figure donation. Noteworthy is that this substantial contribution comes after a string of $25 million follow-up donations from prominent crypto entities such as Coinbase Inc., Ripple, and Andreessen Horowitz (a16z).
As an analyst, I can now more effectively assess the crypto stance of sitting members of Congress. Prior to these recent votes on digital asset initiatives in both the House of Representatives and the Senate, it was challenging to evaluate politicians’ support for cryptocurrencies based on concrete actions.
In May, the Financial Innovation and Technology for the 21st Century Act (FIT21), which represents the first comprehensive crypto regulatory legislation to be approved by either house of Congress, was passed by the House. The bill’s prospects in the Senate are uncertain, hinging on the possibility that key legislators can attach it to a crucial piece of legislation for its passage. A notable benefit for the industry emerged from this development: the identification of the 435 House members who advocate for crypto regulations.
In May, both houses of Congress moved to overturn a controversial Securities and Exchange Commission (SEC) policy regarding crypto accounts, specifically Staff Accounting Bulletin No. 121 (SAB 121). This initiative was thwarted by a veto from President Joe Biden. However, the attempt highlighted that 11 Democratic senators were prepared to go against the SEC policy and the White House’s stance on this issue.
The initiatives received more Democratic backing than anticipated, as demonstrated by the resulting tallies. The data is being utilized to evaluate legislators. Stand With Crypto, an organization founded by Coinbase, employs a ranking system for politicians. For example, Sen. Mark Warner (D-Va.) received a “D” due to his opposition to SAB 121, while Sen. Chuck Grassley (R-Iowa) earned a “B” for his support.
As a crypto investor and follower of political developments, I’ve observed how recent votes have provided valuable insights into the stances of politicians regarding cryptocurrencies. These votes have served as crucial educational moments for us at Stand With Crypto, allowing us to keep our community informed. Our online membership has grown beyond a million strong, surpassing our initial expectations, due in part to the increasing public interest and support surrounding these significant political decisions.
As a crypto investor, I’m excited to share that the organization I follow announced the addition of 22 new endorsements this week. Each one of these projects earned an “A” grade from them.
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2024-06-19 19:17