Regulation
Jump Crypto Adds $10 Million to Industry’s US Political War Fund, Bringing PAC to $169 Million
Jump Crypto has invested another $10 million in the US political action committee (PAC) which is trying to bring as many pro-crypto members as possible to Congress to get the legislation the industry is looking for, a spokesperson for the PAC confirmed .
According to spokesman Josh Vlasto, the total of $15 million from Jump, a Chicago-based investment firm, means that Fairshake and its affiliated PACs have so far amassed nearly $169 million as of Wednesday, giving the young industry one of the most powerful campaign -financial operations in the 2024 elections. The so-called super PACs flooded the primaries with large-scale advertising spending and seeing many of its favored candidates heading to what are likely to be November general election victories.
“The crypto and blockchain communities have truly come together to form a sustainable bipartisan coalition and an effective operation built for the long term,” Vlasto said in a statement. “We will continue to support candidates who are committed to getting things done and working with industry to pass responsible regulation that spurs innovation, creates jobs and supports America’s global leadership.”
A Jump spokesperson declined to comment on the donation. The company’s eight-figure addition follows a recent string of follow-on donations of $25 million from cryptocurrency major Coinbase Inc. (COIN), Ripple and Andreessen Horowitz (a16z).
Fairshake and its siblings (two PACs called Defend American Jobs and Protect Progress) still held $109 million as of the May 31 filing with the Federal Election Commission, Vlasto said, less than five months before the final vote. The spokesperson confirmed that the PAC has no plans to endorse presidential candidates, so the goal is to find proven congressional incumbents and crypto-friendly candidates.
Incumbent members of Congress are suddenly easier to evaluate on this point. Previously, there weren’t many practical cryptocurrency advocacy measures to help evaluate policymakers in the House of Representatives and Senate, but both chambers have now voted on digital asset-related efforts.
In May the Chamber passed the Financial Innovation and Technology for the 21st Century Act (FIT21) is the first far-reaching cryptocurrency oversight legislation to pass either chamber of Congress. His chances in the Senate are limited, depending on whether top lawmakers can somehow package him with a bill to pass. But a side benefit for the industry was that it immediately learned which of the House’s 435 members are advocating for cryptocurrency regulation.
Also in May, both chambers voted in favor of the revocation a controversial Securities and Exchange Commission crypto account policy, Accounting Staff Bulletin No. 121 (SAB 121). The effort was thwarted by President Joe Biden’s veto, but revealed that 11 Senate Democrats were willing to join Republicans in countering SEC policy and White House bias.
Both efforts saw a stronger-than-expected show of support from Democrats, and the counts are used to evaluate lawmakers. Stand With Crypto, an advocacy group started by Coinbase, maintains a rating system for politicians. The “D” grade for Sen. Mark Warner (D-Va.), for example, reflects his no vote on SAB Resolution 121, while the “B” grade for Sen. Chuck Grassley (R-Iowa) shows that he was at please It.
“Recent votes have helped us educate our supporters on where politicians stand on cryptocurrencies,” Sabrina Siddiqui, a spokeswoman for the group, said in a statement. She said Stand With Crypto reached more than a million online members several months ahead of schedule because “people were coalescing behind these key votes.”