Crypto Firms Fund Pro-Crypto Candidates in 2024

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A Unifying Force: Consensys Stays Neutral Amid Partisan Crypto Industry Politics

As the 2024 presidential election unfolds, the intersection of cryptocurrency and politics has become increasingly prominent. On one side, former President Donald Trump has been courting the industry, while on the other, President Joe Biden has shown a willingness to take actions that could impact it. This has prompted American crypto companies to actively fund campaigns for pro-crypto candidates across the nation, with major players like Coinbase, Andreessen Horowitz, and Ripple Labs leading the charge by pouring substantial resources into key Senate and House races.

Interestingly, amidst this fervor within the crypto industry to influence political outcomes, Consensys, a leading Ethereum software company valued at $7 billion, has taken a different approach. Founder and CEO Joe Lubin has made a conscious decision to steer clear of partisan politics, opting instead to focus on the long-term success of the crypto industry. Despite being one of the investors in Decrypt, Consensys has refrained from endorsing crypto-friendly candidates in the ongoing election cycle.

Lubin emphasized the importance of neutrality, stating, “Politically, we’ve liked to remain neutral. It doesn’t make sense for us to choose one broken party over another.” In his view, relying on a single political party or faction for support is not a sustainable strategy in the grand scheme of things. Instead, Lubin believes in solidifying the industry’s legality through the judiciary, highlighting the significance of judicial decisions in shaping the future of crypto regulation.

Legal Challenges and Advocacy Efforts

Consensys recently made headlines by filing a preemptive lawsuit against the U.S. Securities and Exchange Commission (SEC), challenging the regulator’s authority to classify Ethereum (ETH) as a security. This move, which revealed the company’s long-held position on the matter, serves as a platform to educate stakeholders on the benefits of blockchain technology and decentralized finance.

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Discussing the lawsuit, Lubin remarked, “The lawsuit with the SEC is a good platform for us to help people understand the benefits of the technology. I don’t think we need to be politically partisan or make political donations in order to be a very clear and loud voice on this topic.” This approach underscores Consensys’ commitment to advocacy through legal avenues rather than partisan endorsements.

While Consensys refrains from public displays of political involvement, Lubin revealed that the company actively engages in private discussions with policymakers and regulators to underscore the importance of crypto in shaping America’s future. The goal of these conversations is to build consensus and foster a supportive environment for the industry’s growth and innovation.

As the crypto industry emerges as a significant player in political discourse, Consensys’ stance on neutrality and legal advocacy sets it apart as a unifying force in a landscape marred by partisan divisions. By prioritizing long-term sustainability and engaging in constructive dialogue with key stakeholders, Consensys exemplifies a commitment to the broader interests of the crypto community and the future of decentralized technologies.

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About Post Author

Chris Jones

Hey there! 👋 I'm Chris, 34 yo from Toronto (CA), I'm a journalist with a PhD in journalism and mass communication. For 5 years, I worked for some local publications as an envoy and reporter. Today, I work as 'content publisher' for InformOverload. 📰🌐 Passionate about global news, I cover a wide range of topics including technology, business, healthcare, sports, finance, and more. If you want to know more or interact with me, visit my social channels, or send me a message.
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