Regulation
Jump Crypto Boosts Pro-Crypto PAC with $10 Million Donation
Jump Crypto, a Chicago-based investment firm, recently contributed an additional $10 million to a U.S. political action committee (PAC) that aims to elect pro-crypto members to Congress in pursuit of industry-friendly legislation . With this latest donation, Jump Crypto’s total contribution amounts to $15 million.
Unity in the Crypto and Blockchain communities
As spokesperson Josh Vlasto reported, the funds allowed Fairshake and its affiliated PACs to amass nearly $169 million, placing them among the most formidable campaign finance operations for the 2024 elections.
Super PACs have invested heavily in primaries, with significant ad spending advancing many of their preferred candidates to likely victories in the November general election. Vlasto highlighted the unity within the crypto and blockchain communities, which have formed a sustainable bipartisan coalition.
He highlighted the coalition’s long-term commitment to supporting candidates who will work with industry to implement responsible regulation that promotes innovation, job creation and supports American leadership globally.
Despite the substantial financial support, a Jump spokesperson declined to comment on the contribution. Recent developments indicate that Jump Crypto’s donation is part of a larger industry trend, with major companies such as Coinbase Inc., Ripple, and Andreessen Horowitz making follow-on donations of $25 million.
Source: Fairshake
These contributions have significantly strengthened the financial capabilities of Fairshake and its associated PACs, namely Defend American Jobs and Protect Progress, which reported holding $109 million according to the latest filing with the Federal Election Commission on May 31.
With less than five months until the election, the PAC has made clear its focus on supporting congressional incumbents and cryptocurrency-friendly candidates, without extending support to presidential contenders.
This strategy comes at a time when Congress’ position on cryptocurrencies is becoming clearer. Both the House and Senate recently voted on measures related to digital assets, providing a new way to evaluate lawmakers’ positions.
Legislative developments
As for legislative developments, the House passed the Financial Innovation and Technology for the 21st Century Act (FIT21) in May, marking the first extensive cryptocurrency oversight legislation to pass any chamber of Congress.
While its future in the Senate remains uncertain, the industry got immediate insights into which members support crypto regulations.
Another significant action by Congress was the vote to overturn a controversial Securities and Exchange Commission crypto accounting policy, Staff Accounting Bulletin No. 121 (SAB 121), which was ultimately vetoed by President Joe Biden.
This vote revealed bipartisan support that defied SEC and White House preferences, including 11 Senate Democrats who sided with Republicans.
These legislative activities have elicited stronger-than-expected support from Democrats, information that is used to gauge lawmakers’ positions on cryptocurrency.
Support cryptocurrenciesan advocacy group started by Coinbase, has established a rating system for politicians based on their voting records on cryptocurrency-related issues.
For example, Senator Mark Warner (D-Va.) received a “D” grade for voting against SAB Resolution 121, while Senator Chuck Grassley (R-Iowa) received a “B” for voting in favor .
Stand With Crypto also engaged over a million Americans to advocate for pro-crypto policies in Washington, DC. According to the PAC, 52 million Americans hold some form of cryptocurrency, and the vast majority believe the current financial system requires an overhaul.
The group also says that 45% of Americans surveyed would not support a candidate who opposes cryptocurrency, underscoring the growing influence of crypto politics in electoral politics.