Cryptocurrencies have entered the US political arena in a big way in 2024. Fairshake, the industry’s super PAC, has already raised $119 million to support candidates.
Importance of Down-Ballot Races
As a major donor in the elections, Fairshake is primarily focused on Senate and House races. For companies like Ripple, this is essential to ensure the US does not fall behind in financial innovation. Lauren Belive from Ripple emphasized that these elections are crucial for supporting innovation in the country.
Critical Congressional Races
The most notable race is in Ohio between Senator Sherrod Brown and challenger Bernie Moreno. Fairshake is allocating $12 million to Moreno's campaign. Additionally, they are supporting candidates from both parties in different states. The outcome of these races will help shape future cryptocurrency legislation in the US.
Role of Presidency
Despite the importance of Senate and House races, the presidential election also has a significant impact. Donald Trump is pro-crypto, whereas Kamala Harris has yet to make clear statements on the issue. The victory of either will determine the future of the crypto industry.
The upcoming US elections, including Senate, House, and Presidential races, hold great significance for the cryptocurrency industry. They will determine future legislation and regulation of cryptocurrencies in the country.
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