- The U.S cryptocurrency industry faces intense regulatory scrutiny from financial watchdogs.
- Industry participants are moving to support crypto-pro political players.
- A U.S-based crypto community has concluded a funding round for this course.
The year-long ‘regulation by enforcement’ standards in the United States has recently intensified, with financial regulators and political figures taking a stance against the asset class and calling for stricter measures. The efforts have resulted in the exit of major industry giants from the region, seeking more favorable and accommodating environments overseas.
Amid the heightened regulatory pressure, the community which represents the United States national cryptocurrency community has stepped forth to salvage the system, taking extra measures ahead of the upcoming 2024 elections.
Super PAC Bags Funding To Tackle U.S Regulations
According to an official release on December 18, Fairshake Super Pack has raised $78 million ahead of the upcoming U.S 2024 elections, in aims to advocate for industry-supporting political candidates.
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This substantial sum comprises contributions from over 22 blockchain-driven companies, featuring prominent figures such as Coinbase, Ripple, Andreessen Horowitz, and Kraken.
Highlighting the unsatisfactory state of current regulatory standards in the industry, the firm emphasized that only 9% of all Americans express satisfaction with the financial system.
“The future of cryptocurrency in the US hinges on the election of candidates and the enactment of policies that support responsible, fair rules for crypto – especially as a check on appointed regulators who have taken a regulation by enforcement approach,” the release said.
In addition to the fundraising, Super Pac has initiated a crypto-pro movement, ‘Stand with Crypto’, which aims to enlist a million members to mobilize support for the elections.
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United States citizens are encouraged to voice their opinions on the significance of crypto, in order to encourage leaders to craft clear regulations for the industry within the region.
Market predictions are rolling in for the coming year, find out more:
VanEck CEO Forecasts Bitcoin Surge Against $41,000 Still Tide
Read more on the strict enforcement standards in the U.S:
SEC Rejects Coinbase Petition for Tailored Crypto Regulation
