A crypto super PAC has raised $102 million in support of pro-industry candidates ahead of the US election, according to a report from Public Citizen.
Approximately $54 million comes from direct corporate donations from industry giants Coinbase and Ripple Labs, among others.
Private donations from crypto executives and venture capitalists have also bolstered this war chest, with notable amounts including $11 million from founder Andreessen Horowitz and Gemini exchange founder Cameron It includes $5 million from Winklevoss and Tyler Winklevoss and $1 million from Coinbase CEO Brian Armstrong.
But these monetary policies come under intense scrutiny, as four of the eight donor companies are embroiled in legal disputes with the U.S. Securities and Exchange Commission (SEC) over alleged securities violations.
Public Citizen's report highlights the influence of crypto super PACs on primaries, finding that of the six runoff elections in which they intervened, only one crypto-backed candidate faced defeat. It is pointed out that. Eleven primaries with such candidates are underway, and plans are underway to allocate funds to general election Senate races in key states such as Ohio and Montana.
Armstrong pitches Robinhood
Meanwhile, Armstrong encouraged Robinhood to focus more on supporting pro-crypto candidates. He added that Coinbase is doing this through the crypto sector's largest super PAC, the Fair Shake Political Action Committee, and StandWithCrypto.org.
On May 6, Robinhood revealed that the SEC had sent a Wells Notice to its cryptocurrency division. In response, Robinhood CEO Vlad Tenev criticized financial regulators' approach to emerging industries, saying it was hurting businesses and consumers.
he Said:
“The SEC's continued attacks on cryptocurrencies, coupled with recent rule proposals such as those related to predictive data analytics, represent yet another inadequate attempt by the administrative state to stifle innovation. ”
The SEC's scrutiny of Robinhood is surprising given Robinhood's track record of regulatory compliance. In 2023, Robinhood delisted Solana, Polygon, and Cardano after the SEC classified them as securities in legal disputes against other crypto companies.
Nevertheless, Robinhood encountered obstacles in registering its cryptocurrency services with the SEC. The regulator's argument hinges on whether cryptocurrencies can be classified as securities and companies that handle them need to register as brokers or clearinghouses.
Nevertheless, Robinhood's chief legal officer, Dan Gallagher, vehemently disputed that the cryptocurrencies on the company's platform qualify as securities.
