Prepare IDR 1.2 Trillion Funds, Important Figures In The United Crypto Industry Support Pro-Crypto Presidential Candidates

A number of important figures in the crypto industry fundraising for US presidential candidates. (Photo; Doc. Yellowblock)

JAKARTA A number of leading US crypto industry players have united to support crypto-friendly presidential candidates in the 2024 election. They have raised $78 million (Rp1.2 trillion) through three super PAC committees supported by crypto executives and investors.

Super PAC is a group that raises funds to support or oppose certain candidates or policies. Super PAC can receive unlimited donations from individuals, companies, or organizations.

Crypto politics is a divisive issue in the US, with some looking to hinder and ban crypto, while others want to encourage and develop the industry.

According to a Politico report on December 18, 2023, the pro-crypto campaign is backed by venture capital giant Andreessen Horowitz (a16z), crypto exchange Coinbase, and crypto entrepreneur Cameron and Tylerluvoss.

In addition, there are also Ark, Blockchain Capital, Circle, Kraken, Messari, Paradigm, Ripple, as well as venture capitalists Ron Conway and Fred Wilson who are supporting this campaign.

This campaign is the latest attempt by the crypto industry to influence US politics, having previously been Sam Bankman-Fried, founder of the FTX crypto exchange, which accounts for millions of dollars in the Democratic campaign.

The purpose of this campaign is to support policymakers who sympathize with the crypto industry, amid increasing regulatory pressures and criticism from a number of pro-bank senators.

Kara Calvert, Head of US Policy at Coinbase, said, "This demonstrates a serious commitment from the crypto industry to engage in the 2024 elections."

On December 18, 2023, Ripple CEO Brad Garlinghouse also expressed his support for the campaign. He said his company and other industry leaders took the initiative to support pro-novation and pro-crypto presidential candidates.

He added that the US Securities and Exchange Commission (SEC) has hampered crypto development in the US, while other countries have taken advantage of opportunities from this innovation.

Chris Dixon, head of the crypto fund a16z, said that the way to fight bank lobbying and big technology is to show that crypto and blockchain can be a positive force.