The U.S. Congress is targeted by the crypto industry, which plans to spend $160 million through super PACs to support pro-crypto candidates and pass favorable legislation. is standing.
This is a bipartisan bill that reflects the industry's desire to ensure a friendly regulatory environment as it expands its presence and legitimacy in the United States.
Cryptocurrency gains political power in US Congress
The crypto industry is on the verge of significant political change, potentially impacting up to 13 pro-crypto candidates to win House seats in 2024.
Candidates on both sides of the aisle range from progressive Democrats who see digital assets as a way to advance financial inclusion to Republicans who oppose the Biden administration's crypto policies and argue that technology is the key to “economic freedom.” A wide range of staff members.
Politico: The most crypto-friendly Congress in history is coming soon https://t.co/R79yBs4uPH
— Faryar Shirzad 🛡️ (@faryarshirzad) October 22, 2024
Meanwhile, crypto-friendly senators are likely to gain seats one after another in the Senate, with prominent senators such as California Democratic Rep. Adam Schiff and Utah Republican Rep. John Curtis likely to easily win in their states. It is expected. . Many Republicans in the Senate battlegrounds are sympathetic to cryptocurrencies, so if they pick up on them, their base will likely expand.
Regardless of who wins the presidential election, 2024 will likely see the most crypto-friendly Congress ever. That may be just what the industry needs to achieve its goal of breaking through regulatory barriers. A small portion of the U.S. population still uses cryptocurrencies. But crypto industry executives are investing significant amounts of money into the political system and raising awareness of their cause among lawmakers.
Crypto industry political spending surges ahead of 2024 elections
Jordan Libowitz, vice president of communications for Citizens for Responsibility and Ethics in Washington (CREW), said the crypto industry has changed dramatically in terms of how much it spends on politics.
In a sign of its rapidly growing influence in shaping American politics, it went from spending little on campaigns to becoming the biggest spender this election cycle. CREW, an ethics watchdog that tracks campaign finance, called this a major shift in the political landscape.
The crypto industry is poised to establish itself as a significant player in US politics ahead of the 2024 election, as super PACs spend millions supporting pro-crypto candidates. As a reminder, a pro-Bitcoin political action committee (PAC) called Bitcoin Voters PAC recently produced a campaign ad for Republican presidential candidate Donald Trump. According to PAC, this particular ad is currently running in Pennsylvania.
The industry focused on key races across the country, pumping out about $31.5 million to support Democratic candidates for the House of Representatives.
Significant investments include $2.6 million to Shomali Figures of Alabama, $2.2 million to Congressman Don Davis of North Carolina, and $2 million to Congressman Yadira Carabeo of Colorado. Others who received significant support were Representatives Pat Ryan of New York and Mary Peltola of Alaska.
This level of spending makes it clear that the industry is actively working to shape the regulatory framework in its favor and increase its influence in Washington.
Invest heavily in innovation-driven candidates
The crypto industry is spending millions in House and Senate elections, hoping to elect candidates who are sympathetic to innovation-friendly and light regulatory regimes. In the Senate, candidates such as Ruben Gallego of Arizona and Elissa Slotkin of Michigan have each received at least $10 million in support from pro-crypto super PACs.
Recently, it became clear that ripples co-founder Chris Larsen made three contributions totaling nearly $10 million to Future Forward. A super PAC supporting Kamala Harris.
Meanwhile, on the Republican side, figures such as California Rep. Michelle Steele and Ohio Senate candidate Bernie Moreno have made huge profits from cryptocurrencies.
The latter is of particular importance to the industry, of course, as a third of Moreno's more than $40 million in support has come from cryptocurrency donors. His success in that campaign will eliminate one of his harshest critics, Sen. Sherrod. brown, while helping to solidify Republican control of the Senate.
These candidates, both Democratic and Republican, are seen as progressive champions of the industry's push for more open regulation and innovation in the digital asset space.
Teuta
Teuta is a veteran writer and editor with over 15 years of experience in the macroeconomics, technology, cryptocurrency and blockchain industries. He started his career in 2005 as a lifestyle writer for Cosmopolitan magazine in Croatia and went on to cover business and economics for prestigious publications such as Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing that cryptocurrencies are one of humanity's most important inventions. Her fintech efforts began in 2014 and focused on cryptocurrencies, blockchain, NFTs, and Web3. Known for his excellent teamwork and communication skills, Teuta holds a double master's degree in political science and law, loves punk rock and Chablis, and has a passion for shoes.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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