As the 2024 election season begins, cryptocurrency companies and their executives are increasing their financial contributions to gain more influence in Washington. Coinbase, Ripple Labs, and Andreessen Horowitz are among the top donors in the industry, collectively giving $68.5 million to three crypto-focused super PACs since their inception. In 2023, affiliated super PACs Fairshake, Protect Progress, and Defend American Jobs received a total of $84.8 million. These committees plan to support politicians who advocate for American cryptocurrency and blockchain innovation as well as responsible regulation in the upcoming 2024 elections, according to a spokesperson interviewed by Blockworks in December. Key individuals who made significant contributions to the committees were Marc Andreessen and Ben Horowitz, the co-founders of a16z, with donations of $8.5 million and $10.5 million each to all three committees. As of the end of January 2024, the Winklevoss twins, founders of Gemini, have contributed a total of $5 million to Fairshake. The three super PACs have used some of this money for operational costs and research expenses, but they have not yet donated to any specific candidates. Fairshake is now focusing on funding advertising efforts, including a significant investment in supporting three candidates in California’s Senate primary who are running against Katie Porter. A representative from Fairshake stated that they are advocating for California jobs and innovation through a multimillion-dollar TV and digital media campaign. This advertising initiative coincides with increased interest from the cryptocurrency industry in another Senate race. Lawyer John Deaton, known for his advocacy for Ripple in its legal battle with the SEC, has declared his candidacy for Senate against current Senator Elizabeth Warren. In our view, unnecessary regulations pose a significant threat to the crypto industry. Although Deaton’s announcement video does not refer to cryptocurrency, supporters are already inquiring about how they can contribute to his campaign using digital currency. Recently, Warren has focused on crypto as a central aspect of her platform, especially in relation to implementing anti-money laundering and know-your-customer policies in the industry. Warren expressed concern about the SEC allowing crypto to become more ingrained in the financial system without following basic anti-money laundering rules. She criticized the decision to approve spot bitcoin ETFs and stated that she believes it is legally incorrect. Fairshake, Protect Progress, and Defend American Jobs are all required to file monthly reports and must report their activities from February 2024 by March 20. Stay updated on the latest news by signing up for our free daily newsletter.