Coinbase, Ripple, and Andreessen Horowitz (a16z) have decided to send representatives to both the Republican National Convention (RNC) and the Democratic National Convention (DNC). Their goal is to advocate for policies that are beneficial to the crypto industry by presenting their case to key members of the GOP.
This move by the three firms highlights the increasing significance of the crypto sector in the political landscape. Republican support for the industry has been growing, with Rep. Dusty Johnson (R-S.D.) acknowledging the rising interest in crypto among the public. By attending both conventions, these companies are demonstrating their commitment to promoting bipartisan crypto policies.
Coinbase, Ripple, and a16z are all part of the Fairshake super PAC, which has actively raised funds during the 2024 election cycle. With a significant financial backing, the super PAC aims to support US candidates who are in favor of crypto, regardless of their party affiliation. This underscores the companies’ dedication to shaping crypto regulations in a favorable direction.
Following recent developments, the RNC has incorporated various crypto-related issues into its 2024 platform. These include opposition to a central bank digital currency (CBDC) and disapproval of the Democratic party’s enforcement actions against the crypto sector. The RNC platform also advocates for the protection of crypto mining and self-custody rights, as well as ensuring that crypto transactions remain free from government interference.
The RNC’s stance on crypto closely mirrors that of former President Donald Trump, who has been vocal about his support for the industry. Trump’s influence is evident in the party’s platform, which emphasizes the importance of safeguarding crypto activities from government surveillance and control. The confirmation of Trump as the RNC’s presidential candidate further solidifies the party’s commitment to crypto-friendly policies.
By actively participating in the RNC and planning to attend the upcoming DNC, Coinbase, Ripple, and a16z are taking proactive steps to shape the regulatory environment surrounding cryptocurrencies. Their presence at these national conventions signifies a concerted effort to influence policymakers and promote a favorable regulatory framework for the crypto industry.