Story Highlights
- Ripple CEO urges the crypto community to vote in upcoming US elections for favorable policies.
- Crypto Political Action Committees (PACs) receive $100 million in donations, signaling the industry’s growing political influence.
- Bipartisan efforts in Congress aim for regulatory clarity, but Senate passage remains an uphill battle.
In the lead-up to the United States’ upcoming presidential election, Ripple’s Chief Legal Officer Stuart Alderoty issued an impassioned call for the cryptocurrency community to make their voices heard at the ballot box. Alderoty stressed that without robust voter turnout from crypto supporters, efforts like calls, letters, and emails to lawmakers risk being dismissed as mere noise.
His rallying cry on the social media platform X resonated strongly, with numerous users echoing his views and vowing to back candidates aligned with pro-crypto policies. The stakes are undeniably high, with this election cycle poised to shape the sector’s regulatory landscape for years to come.
Big Money Flowing into Crypto PACs
It’s great when crypto uses its collective voice through calls, letters, emails to Congress, but if crypto doesn’t VOTE it all just becomes noise. Politicians on both sides of the aisle must understand that votes are on the line.
— Stuart Alderoty (@s_alderoty) June 7, 2024
Reflecting the industry’s mounting political clout, donations to crypto-focused Political Action Committees (PACs) have surged past $100 million this year, fueled by deep-pocketed contributions from executives and corporations like Coinbase. These funds are being strategically deployed to advance the sector’s interests and legislative priorities through the upcoming elections.
Chief among those priorities is achieving long-sought regulatory clarity from Congress. Despite persistent obstacles, the crypto market has notched notable progress on that front in 2023 amid escalating bipartisan efforts on Capitol Hill.
Lawmakers Making Headway
Last month’s House vote overturning the SEC’s contentious Staff Accounting Bulletin 121 – though ultimately vetoed by President Biden – exemplified rising pro-crypto sentiment. More significantly, the House’s recent passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) sparked optimism the bill could reshape the industry’s governing frameworks.
“If two-thirds of the House can unite behind this legislation, I believe the Senate can achieve something similar,” remarked Rep. Patrick McHenry, the Financial Services Committee chair who spearheaded FIT21’s House passage.
His confidence was buoyed by the absence of a White House veto threat – a signal, he argued, of the administration’s willingness to engage on crafting coherent crypto policies.
Complexity in the Senate
Clearing the Senate, however, remains an uphill battle. According to House Majority Whip Tom Emmer, the upper chamber may opt to start from scratch on a market structure bill, relegating FIT21 to a protracted committee process with potential revisions that could force it back through the House.
Emmer expressed hope a final version could pass in the post-election lame duck session – but conceded the legislative road ahead is arduous.
With so much hanging in the balance, Sen. Ron Wyden – a Democrat who backed overturning SEC guidance – underscored the pressing need for a clear regulatory framework to police bad actors without stifling innovation.
Echoing that call, the crypto community has been energized by Alderoty and others to flex its electoral muscle. As voters head to the polls, the industry’s policy priorities and prospective legislative path will be put to a crucial test that could reverberate for years.
