Crypto Super PACs have amassed $102 million in funds ahead of the US elections to advocate for candidates supportive of the industry, according to a report by Public Citizen.Approximately $54 million originates from direct corporate contributions, notably from industry giants Coinbase and Ripple Labs.Individual contributions from crypto executives and venture capitalists also bolster this war chest, with notable amounts including $11 million from Andreessen Horowitz founders, $5 million from Gemini exchange founders Cameron and Tyler Winklevoss, and $1 million from Coinbase CEO Brian Armstrong.However, these financial maneuvers have been accompanied by scrutiny, as four of the eight corporate donors are entangled in legal disputes with the US Securities and Exchange Commission (SEC) over alleged securities violations.The Public Citizen’s report highlights the impact of crypto super PACs on primary elections, noting that of the six concluded races they intervened in, only one crypto-backed candidate faced defeat. Eleven primary contests featuring such candidates are ongoing, and plans are underway to allocate resources to general election Senate races in pivotal states like Ohio and Montana.Meanwhile, Armstrong encouraged Robinhood to focus more on supporting pro-crypto candidates. He added that Coinbase does this through the crypto sector’s largest super PAC, Fairshake Political Action Committee, and StandWithCrypto.org.On May 6, Robinhood revealed that the SEC served its crypto unit a Wells Notice. In response, Robinhood CEO Vlad Tenev criticized the financial regulator’s approach to the emerging industry, noting that it harms businesses and consumers.He said:“The SEC’s continued attack on crypto, coupled with recent rule proposals like the one related to predictive data analytics, mark yet another improper attempt by the administrative state to stifle innovation.”The SEC’s scrutiny of Robinhood is a surprise, given the company’s track record of regulatory compliance. In 2023, Robinhood took Solana, Polygon, and Cardano off its listings after the SEC labeled them as securities in a legal dispute against other crypto firms.Despite this, Robinhood has encountered obstacles in registering its crypto services with the SEC. The regulator’s argument hinges on cryptocurrencies being classified as securities, necessitating entities dealing with them to register as brokers and clearing agencies.Nonetheless, Robinhood’s Chief Legal Officer, Dan Gallagher, vehemently contested that the cryptocurrencies on its platform qualify as securities.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics. Stay ahead in the crypto game: Follow us on X for daily updates and analysis.The current uncertainty in the market is being fueled by the impending Federal Open Market Committee’s (FOMC) decision on cutting interest rates.Embracing Bitcoin mining could be pivotal in Trump’s envisioned energy strategy.Courts dismissed the case without prejudice, leaving Musk an option to refile the case at a later date.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
