Coinspeaker
Coinbase, Ripple, a16z Eye Bipartisan Support for Crypto
Coinbase, Ripple, and Andreessen Horowitz (a16z) are set to make an appearance at the Republican National Convention (RNC) and Democratic National Convention (DNC). The move shows that the crypto industry is now being represented at the table of policymakers even as these firms hope to influence the future of crypto regulation.
Firms Seek Bipartisan Support for Crypto Policies amid Growing Political Divide
According to Politico, representatives from the three industry giants will initially engage with GOP leaders at the ongoing RNC. Their aim is to advocate for regulatory frameworks that are favorable to crypto innovation and the industry at large. For what it’s worth, the crypto industry already enjoys a reasonable amount of support within Republican circles. At least, that much is evident from recent endorsements and policy shifts favoring digital currencies. Moreover, Politico also quotes Rep. Dusty Johnson (R-S.D.) said that crypto is growing in relevance and appeal by the day.
Meanwhile, it might be worth mentioning that Coinbase, Ripple, and a16z are all members of the Fairshake super political action committee (PAC). The organization has already amassed considerable financial resources and is seeking to support any candidates who champion pro-crypto policies. That is, regardless of their party affiliations. With $177.9 million raised during the current election cycle, Fairshake’s influence is further proof of a seemingly religious effort by crypto firms to align legislative agendas with the needs of the crypto community.
As the RNC draws to a close on July 18, attention will shift towards the DNC scheduled from August 19 to August 24. However, the presence of Coinbase and others at both conventions signals a major plot by the crypto community. That is, a scheme to foster bipartisan dialogue and influence the shaping of crypto-related policies across party lines.
Parties Remain Divided on Crypto
Recent updates to party platforms still show that Republicans and Democrats continue to hold divergent views and attitudes towards cryptocurrencies. The RNC has conspicuously included crypto-related issues in its 2024 agenda. These include condemning central bank digital currencies (CBDCs) and regulatory measures considered to be hostile to the crypto sector.
In sharp contrast, the DNC’s draft platform, released on July 13, made no mention of cryptocurrencies. This omission, thought to be deliberate, has now prompted criticism across the board. That is, with many observers calling out the continued hostility of the Democrats towards the crypto sector.
Despite the situation with both major political parties, the decision by Coinbase, Ripple, and a16z to actively engage with both sides of the divide may just be what the industry needs.
