Flood of Cash from Coinbase Gives Crypto One of the Biggest Campaign War Chests
Summary
Coinbase, Ripple, and a16z have collectively contributed $161 million to a political action committee (PAC) for the 2024 U.S. elections. The PAC aims to support pro-crypto congressional candidates. The crypto industry's campaign cash now rivals that of major political parties. The industry's goal is to influence U.S. regulations on digital assets. The management and strategies of the PAC remain opaque. The crypto companies deny attempting to buy Congress and compare their actions to those of other industries. The PAC's fundraising level could theoretically allow it to spend over $300,000 on every contested House and Senate seat in the upcoming general election.
