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Bitcoin price has started the anticipated decline while the industry’s biggest companies are getting ready for 2024. The thing we have been highlighting since the beginning of 2023 is the U.S. Presidential race up to November 2024, which is a critical turn for crypto. So, what’s the current situation? What are U.S.-based crypto companies doing to change the prevailing negative approach?
Ripple Declares War
Crypto opponents are well-represented in politics, but the same cannot be said for crypto supporters. However, millions of cryptocurrency investors live in the U.S., and their interest in crypto does not prevent them from voting. Therefore, U.S.-based companies should provide the necessary support to politicians who encourage innovations in their field.
A significant portion of the new Presidential candidates have already started making crypto-friendly statements. Ripple’s CEO recently wrote the following;
“Ripple, along with other industry leaders, is taking the lead to support innovation and crypto-friendly candidates in the 2024 U.S. election cycle. The U.S. cannot afford to continue to lag on the global stage.
Regulatory extremism (especially from the SEC) is actively moving the U.S. in the wrong direction, and other countries are definitely benefiting from the lack of U.S. leadership. We need to cultivate leaders who will support innovation and lead the way to responsible regulations.
The coming year must be one where we make up for lost time by promoting initiatives that encourage transparency, innovation, and a compliance-first approach. The Ripple Team and I will not waste this opportunity.”
U.S. Crypto Lobbying
Following the collapse of Sam Bankman-Fried, political lobbying activities for cryptocurrencies in the U.S. have also been disrupted. While crypto-opposing politicians look for ways to turn every event to their advantage, Warren and others are trying to enact regulations that would strangle crypto.
Venture capital giant Andreessen Horowitz, U.S. crypto exchange Coinbase, and a campaign supported by Cameron and Tyler Winklevoss have raised $78 million to support crypto-friendly politicians. One of the super PACs connected to the group, Fairshake, has already spent over $1.2 million on television ads supporting House candidates. The other two super PACs, Protect Progress and Defend American Jobs, have not yet started their activities.
The group’s initial list of donors includes major crypto players such as Circle, Kraken, Paradigm, and Ripple, as well as Coinbase CEO Brian Armstrong and venture capitalists Ron Conway and Fred Wilson.
