The Securities and Exchange Commission (SEC) has filed a lawsuit against Silvergate Capital Corporation over alleged violations of the Bank Secrecy Act.Petre Barlea from Pixabay
The crypto industry is spending millions to influence US elections, with donations costing nearly $120 million for the 2024 election cycle alone. According to a recent study from the Public Citizen government watchdog group, as shared by Yahoo Finance, major crypto companies are pouring funds into political campaigns and action committees in hopes of favorable regulations toward their sector.
This year, Coinbase has become America's largest registered crypto exchange and has been leading the pack of donors, investing more than $50 million to back key races and pro-crypto super PACs.
The two biggest names in the industry, Coinbase and Ripple, have contributed collectively about $99 million to the 2024 election cycle. Rick Claypool, research director at Public Citizen, said they're flexing more financial muscle now than ever before to buy influence in Washington.
Ripple, of San Francisco, alone, has given $49 million to groups to advocate for the industry's regulatory agenda. Ripple President Monica Long said setting rules through enforcement isn't productive.
This surge in spending is partly a result of the Supreme Court's 2010 Citizens United decision, which allowed corporations to spend unlimited amounts on elections. Special interest groups, including pro-crypto organizations, have taken advantage of this ruling by funneling millions into super PACs. According to D.C.-based watchdog group Open Secrets, independent spending on elections has skyrocketed since the decision, with this year's super PAC contributions exceeding $102 million.
Recently, TheStreet reported that the crypto industry is moving to raise $100,000 for Kamala Harris.
"Money moves the needle. For better or worse, that's how our system works" Coinbase CEO Brian Armstrong stated.
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