Coinbase, Ripple and a16z at the Republican and Democratic National Conventions
Date: 2024-07-16 Author: Oliver Abernathy Categories: BUSINESS, IN WORLD
Three major crypto companies, Coinbase, Ripple and Andreessen Horowitz (a16z), will attend the Republican and Democratic national conventions, sending representatives to promote the interests of the cryptocurrency sector.
Politico reported on July 15 that the companies will first approach influential GOP figures at the Republican National Convention (RNC). The move aims to support an election outcome that would lead to crypto-friendly policies, underscoring growing Republican support for the sector.
Commitment to bipartisan politics
Participation in both conventions demonstrates Coinbase, Ripple and a16z's commitment to bipartisan cryptocurrency policy. The three companies are members of the Fairshake super PAC, which raised $177.9 million and spent $70.9 million during the 2024 election cycle. The goal of a super PAC is to support candidates who are positive about cryptocurrency, regardless of their party affiliation.
Politico highlighted the importance of cryptocurrencies in modern politics, quoting Representative Dusty Johnson (R-Dem), who noted that cryptocurrencies are becoming an increasingly important issue for voters. This highlights the need for clear and supportive policies regarding the cryptocurrency sector.
Party platforms
Since the July 9 vote, the RNC has added various cryptocurrency-related issues to its 2024 platform. The plan opposes central bank digital currency (CBDC) and the Democratic Party's enforcement action against the cryptocurrency sector. The platform supports cryptocurrency mining and self-custody rights, and argues that cryptocurrency transactions should be free from government oversight and control.
This policy is consistent with Donald Trump's stance on cryptocurrency expressed during his recent campaign appearances. The RNC endorsed Trump as its presidential candidate following the July 15 vote.
Position of the Democratic Party
On July 13, the Democratic Party published a draft of its platform, which did not contain a single mention of cryptocurrency. The Biden administration and Democrats have been criticized for taking a strict approach to the cryptocurrency sector, despite the administration's 2022 executive order aimed at promoting the responsible development of digital assets.
Representatives from Coinbase, Ripple and a16z will attend the Republican and Democratic National Conventions to promote the interests of the cryptocurrency sector and ensure favorable policies. Their participation highlights the importance of cryptocurrencies in modern politics and the need for clear regulatory frameworks to support the growth and development of the industry.
