Michael Lee, founder of Michael Lee Strategy, has joined Varney & Co. We discuss the action in the crypto market and his position on NVIDIA stock.
FOX Business has learned that the cryptocurrency industry is trying to influence the Super Tuesday election.
On Tuesday, as voters in 16 states and one territory headed to the ballot box to make their voices heard in crucial primaries, players in the $2.5 trillion digital asset field were making their voices heard. and are using their wallets to support a small number of pro-cryptocurrency candidates.
FairShake, an independent super PAC backed by crypto companies such as Coinbase, Ripple, and crypto-focused venture capital firm Andreessen Horowitz, is an independent super PAC backed by various investors, including progressive California congressman Adam Schiff. Raised over $90 million in Q1 2024 to support leading crypto-promoting candidates. , new Alabama Democratic candidate for Congress Shomali Figures and Democratic Texas Congresswoman Julie Johnson.
Cryptocurrency industry fights back against government crackdown
Coinbase, the largest U.S. cryptocurrency exchange, has donated $24 million to Fairshake as the company solidifies its position as a vocal advocate for fair digital asset policies in Washington, D.C.
Meanwhile, Stand with Crypto, a nonprofit grassroots advocacy group with more than 300,000 members that Coinbase helped launch, held its first crypto advocacy rally on Monday, with Coinbase CEO Brian Armstrong and rapper Nas are also scheduled to perform. The event marks the end of a key battle for the California Senate seat held by the late Dianne Feinstein, who served as the state's Democratic senator for more than 30 years until her death in September.
Coinbase told FOX Business that it believes Super Tuesday is the first real test for cryptocurrencies in the 2024 election cycle.
“Our goal is to provide a platform to engage people in the policy process and support the industry with their votes,” Coinbase Chief Policy Officer Fariyah Shirzad told FOX Business. “Super Tuesday will be the first opportunity to support cryptocurrencies and confirm that they are part of our future.”
There are currently four candidates on Feinstein's open sheet, but the two front-runners have very different views on cryptocurrencies.
One is Schiff, who represents California's 30th Congressional District and has voiced support for fair regulation of the digital asset industry. On his website, Schiff emphasizes the importance of this sector being able to continue to grow, innovate and provide jobs to Californians. Mr. Schiff has an “A” rating on the Stand with Crypto website, indicating that he is a strong supporter of the industry.
Congressman Adam Schiff speaks to supporters outside the International Alliance of Theatrical Stage Employees union hall on February 11, 2023 in Burbank, California. (Tama Mario/Getty Images)
In contrast, Schiff's opponent, Katie Porter, has criticized the cryptocurrency mining sector's use of energy and is known for her close ties to anti-crypto activist Sen. Elizabeth Warren, D-Mass. Due to this, it is rated “F”.
Congresswoman Katie Porter speaks to members of the media at a campaign event on February 24, 2024 in Emeryville, California. (Josh Edelson/Getty Images)
Cryptocurrency is no longer an outsider at the famous Miami Beach ETF conference
Mr. Porter, who represents California's 47th Congressional District, is considered a protégé of Mr. Warren after taking a class in Senate bankruptcy law at Harvard University. Porter also supported Warren when she launched a study in Texas in 2022 into the impact of bitcoin miners' energy use.
The crypto industry is concerned that if Porter takes Feinstein's vacated seat, Warren will gain a new anti-crypto ally in Washington.
These concerns prompted the crypto industry's largest super PAC, FairShake, to launch a $10 million multi-platform ad campaign attacking Porter in hopes of attracting pro-crypto voters looking to vote for her. started.
According to FairShake, there are 8 million crypto holders in California.
Fair Shake and Stand with Crypto is also focused on elections in Alabama and Texas, where Democratic candidates Shomali Figures and Julie Johnson are fighting for their support as Bitcoin prices continue to soar. The company has vowed to embrace the rapidly growing cryptocurrency industry that has become a hot topic.
The world's largest digital asset is nearing an all-time high of $69,000. This high was the peak of the industry's last bull run in November 2021, which saw it crash below $16,000 during the so-called “crypto winter” of 2020. 2022. Bitcoin's rise has also extended to other digital assets such as Ethereum and Cardano.
Another race closely watched by the crypto industry is Warren's contest for her Massachusetts Senate seat, which is being challenged by pro-crypto attorney and Marine Corps veteran John Deaton.
Democratic Massachusetts Sen. Elizabeth Warren and Republican challenger John Deaton (Getty Images)
Deaton has a difficult road to defeating Warren, a 13-year Democratic incumbent who gained notoriety in the crypto industry for her hostile comments against the industry and anti-crypto legislation in Washington.
Cruz and Republican senators go all-in on anti-central bank digital currency bill
He earned the respect and adoration of the crypto industry after working pro bono on behalf of holders of the XRP token in the Securities and Exchange Commission's case against the crypto company Ripple.
The race for Warren's seat has yet to receive support from Stand with Crypto or FairShake, but Warren, the founder of the Cardano blockchain and the founder of the world's second-largest blockchain, Ethereum, Industry billionaires like one Charles Hoskinson have publicly expressed support for Mr. Deaton, personally donating to his campaign.
CLICK HERE TO GET FOX BUSINESS ON THE GO
Hoskinson told FOX Business: “I'm supporting John against Warren because the establishment is going to fight against the banks trying to legislate and disrupt the crypto industry.'' We need people who are willing to fight against mento.”
Hoskinson donated $3,300 to Deaton's campaign over the weekend, the maximum amount allowed for an individual.
