The US elections are experiencing an unprecedented level of political influence from the cryptocurrency industry, according to experts in the field, as reported by CoinDesk. Political action committees (PACs) focused on cryptocurrency, such as Fairshake, have raised approximately $85 million to support candidates who are pro-crypto and to educate lawmakers on the need for industry-friendly regulations. Notably, Fairshake’s $10 million investment played a decisive role in the defeat of congresswoman Katie Porter, who had been critical of cryptocurrencies.
Fairshake also provided resources to two affiliated PACs, Defend American Jobs and Protect Progress, which supported Republican and Democratic candidates respectively, resulting in significant victories. Defend American Jobs has spent nearly $500 on advertising for Mark Messmer, an Indiana Republican who won the congressional nomination.
The rise in cryptocurrency influence has caught the attention of industry leaders. Kristin Smith, CEO of the Blockchain Association, remarked that it is at a level unprecedented in previous election cycles. This influence has even affected politicians who were previously skeptical of cryptocurrencies, such as Senator Sherrod Brown, who now shows openness to considering legislation favorable to the industry.
Kyle Bligen, director of financial policy at the House of Progress, noted that politicians who were traditionally hesitant are now reconsidering their positions to avoid facing campaigns funded by the cryptocurrency industry.
The current operation to influence national elections is seen as more sophisticated than previous attempts. Smith added, “Now it’s like, ‘Wow, this is the powerful crypto industry and they’re here to influence Washington and they’re utilizing every tool to do so.'”
Interest in the presidential elections is also high within the cryptocurrency community, with studies indicating a preference for Donald Trump among cryptocurrency owners, despite his ambivalent stance towards cryptocurrencies. Trump’s stance, as well as the crypto policies of Vivek Ramaswamy, who is no longer in the race, could influence Trump’s future policies if he is re-elected.
In the Democratic field, concerns and hopes arise regarding the possible re-election of Joe Biden. While some fear continued regulatory uncertainty under the leadership of Gary Gensler, president of the SEC, others, like Bligen, see an opportunity for cryptocurrency-friendly legislation after the election.
The cryptocurrency industry faces significant challenges, including the need for greater education and engagement on issues such as privacy and national security. The recent crackdown on services like Tornado Cash highlights the difficulties in finding a balance between privacy and regulatory concerns.
Efforts are also being made at the state level to test pro-cryptocurrency policies as potential models for federal regulations.
It is important to note that the views expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Bitcoin Struggles to Recover After Drop, Remaining Below $62K
Bitcoin’s value is struggling to rebound after a drop, with the price remaining below $62,000. Meanwhile, other cryptocurrencies like TON, PEPE, and SHIB have seen a 6% growth.
