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Coinbase Donates $25 Million to Crypto Campaign War Chests
The cryptocurrency sector has reportedly amassed a huge amount of funds for this year’s elections.
The latest liquidity injection comes from Coinbasewho just donated $25 million to crypto political action committee (PAC) Fairshake, Coindesk reported Monday (June 3).
“When it comes to our mission to increase economic freedom by increasing cryptocurrency adoption, we are deeply committed to political efforts,” Coinbase said in a company statement. “The House and Senate help, among other things, determine what cryptocurrency legislation gets passed, so increasing the number of pro-crypto members is critical.”
This donation follows further Contributions of 25 million dollars last week from Ripple AND Andreessen Horowitzgiving Fairshake and associated PACs approximately $161 million to spend on U.S. elections
The Coindesk report states that US regulations still pose a huge obstacle for the cryptocurrency industry to gain wider global acceptance, which could in turn lead to more mainstream investors and users embracing the technology.
Some lawmakers have started to warm to digital assets, with the House of Representatives last month passing the Financial Technology and Innovation for the 21st Century (FIT21) Act, which establishes a federal regulatory framework for the sector.
“The bill, first voted on in the House in 2023, passed the House by a vote of 279-136, with 208 Republicans and 71 Democrats voting to pass it,” PYMNTS recently wrote. “Its bipartisan passage shows how far the cryptocurrency industry has come, regulatory-wise, in America.”
This does not mean that the government is okay with cryptocurrency. THE Securities and Exchange Commission (SEC) released a statement before the FIT21 vote saying the bill would do so undermine his work.
And last week, President Joe Biden vetoed a measure this would have placed limits on the SEC’s oversight of the industry.
However, FIT 21 was approved, “providing a glimmer of hope to an industry that has long lamented a lack of regulatory clarity regarding its operations in the United States,” PYMNTS wrote.
“Next, the cryptocurrency industry will need to demonstrate its usability and utility in payments and commerce as it seeks to continue to penetrate the mainstream financial landscape and gain greater mainstream acceptance.”