As the cryptocurrency industry faces increased regulatory scrutiny, it is attempting to influence U.S. politicians. According to Bitcoinist, the crypto industry is stepping up its political game ahead of the upcoming US election.
Leading the way is the US #cryptocurrency exchange #Coinbase , which has donated an impressive sum of £2,500 million to the Fairshake Political Action Committee (PAC). It's worth noting that this is the digital asset platform's second major contribution to the advocacy group's work to promote pro-cryptocurrency candidates such as former President Donald Trump.
The fallout from the bankruptcy of major cryptocurrency companies in 2022, which exposed fraud, has attracted regulatory attention, resulting in losses for investors. Industry participants are actively engaging with policymakers to shape regulatory rules in this context.
According to the report, during a fundraiser in San Francisco, Trump emphasized the importance of #cryptocurrencies and expressed strong support for the industry.
Sources say he did not provide specific details about the proposed cryptocurrency policy. But his stance is at odds with that of President Joe Biden, who signed an executive order in 2022 to promote responsible development of digital assets. \n The Biden administration wants to work with Congress to create a regulatory framework for cryptocurrencies. The Biden administration announced in an official statement that the bill would affect the regulatory structure for digital assets in the United States, but he opposed the passage of 4763.
Despite the generally liberal climate in San Francisco, Trump has garnered support from prominent local venture capitalists and crypto investors.
According to Reuters, many of them cite concerns about over-regulation as a key factor in their support. Jacob Helberg, an advisor to analytics data provider Palantir, said Donald Trump assured attendees that Biden Gensler's campaign against cryptocurrencies would be stopped within 1 hour of Trump's reappointment, referring to Sec. Gary Gensler's chairman.
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