Crypto Group Fairshake Allocates Significant Funds for U.S. Elections

2 hours ago

The crypto lobbying group Fairshake has allocated $29M to U.S. election campaigns, striving to enhance the crypto industry's political influence.

Fairshake and the Elections

In September, Fairshake transferred $15M to the political group Defend American Jobs, supporting crypto-friendly Republican candidates. The political research group OpenSecrets reported that this super PAC has spent over $40M to support Republican businessman Bernie Moreno against Ohio Senator Sherrod Brown.

The Stand With Crypto group rated Brown with an “F,” indicating his strong opposition to the crypto sector.None

Crypto Asset Policies and Criticisms

Brown rejected House Resolution 109, which would overturn the SEC Staff Accounting Bulletin No. 121. SAB 121 mandates certain companies to label crypto assets as liabilities on their balance sheets, even if held for customers. The House Resolution was passed by the House and Senate earlier in the year but was vetoed by President Joe Biden in May.

Financial Support for the Crypto Sector

The financial resources of Fairshake highlight their support for the crypto sector. These financial activities reflect the industry's efforts to increase its influence in the political arena. The funds distributed by Fairshake encompass groups supporting both Republicans and Democrats.

Fairshake's substantial financial allocations for the elections underscore the crypto sector's efforts to strengthen its influence in U.S. politics.

Other news

Gary Gensler Reaffirms SEC's Strict Crypto Regulation Approach

Gary Gensler acknowledged the 16th anniversary of Bitcoin, stating SEC's continued strict crypto regulation.

19 minutes ago

Minneapolis Fed Advocates for Cryptocurrency Tax

The Minneapolis Fed's report suggests taxing to stabilize budget deficits. Market overview and expert opinions.

20 minutes ago

The Role of Stablecoins in Transforming Global Currency Landscape

Stablecoins are reshaping currency markets and remittances, accelerating their integration into the traditional economy.

20 minutes ago

Analyzing Aave, Avalanche and QubeQode: Cryptocurrency Market Changes and Blockchain Technology

Explore recent developments with Aave and Avalanche in the crypto market and innovations in blockchain development with QubeQode IDE.

22 minutes ago

SEC Approves Bitcoin ETF Options, Boosting Institutional Investor Interest

SEC approves listing and trading of Bitcoin ETF options, driving increased institutional interest.

an hour ago

India's Move Towards Digital Currencies: Cryptocurrency Ban on the Horizon

India evaluates cryptocurrency risks in favor of Central Bank Digital Currencies (CBDC).