The cryptocurrency industry has emerged as a prominent political force, with more than $135 million spent in the 2024 election cycle supporting more than 50 candidates across the political spectrum.
As of Friday morning, all 48 candidates backed by major cryptocurrency political action committees (PACs) have been declared the winners, According to to Bloomberg, representing a major victory for the industry and a potential shift in digital asset regulation for years to come.
“Anti-encryption is the end of a career”
The cryptocurrency industry’s spending has not been limited to party lines; Candidates from both the Democratic and Republican parties received support.
The largest investment came from Ohio, where more than $40 million was directed toward Republican Bernie Moreno in his campaign against Democratic Senator Sherrod Brown, a well-known critic of cryptocurrencies.
Moreno’s success, winning 50.2% of the vote, exemplifies the impact of the cryptocurrency sector. Financial support. Brian Armstrong, CEO of Coinbase, celebrated the results, noting that “fighting crypto is a good way to end your career.”
Fairshake It has become the largest single-issue super PAC in U.S. history, surpassing traditional corporate donors and now ranking second only to the fossil fuel industry in political spending since the 2010 Supreme Court ruling on corporate political contributions.
The Cedar Innovation Foundation, a cryptocurrency-backed lobbying group, announced the formation of “the most pro-blockchain and crypto Congress in history,” and urged President-elect Trump to fire SEC Chairman Gary Gensler, who has distinguished himself over the past years. Decisive position Towards industry.
Political tactics for organizational goals
Companies like Coinbase and Ripple are also ramping up their lobbying efforts, hiring an unprecedented number of registered lobbyists in 2024. Venture capital company With significant investments in cryptocurrencies, it is also expanding its presence in Washington, D.C. to enhance the industry’s influence.
Political experts point out that while financial contributions can facilitate meetings with legislators, sustained engagement is critical to achieving policy goals.
Peter Logue, professor of media and public affairs, stressed the importance of staying present and participating in the political process, saying: “You have to keep showing up.”
The election results have already sparked discussions among candidates about integrating cryptocurrencies into their platforms. For example, Republican Sam Brown in the Nevada Senate race is starting to take the spotlight blockchain Innovation as a key issue in the campaign following significant advertising spend by Fairshake.
As the cryptocurrency sector triumphs, it faces the challenge of navigating the complex political landscape it has helped shape. According to Bloomberg, the industry plans to continue pushing for favorable regulations, and leverage its recent electoral success to bolster its advocacy efforts.
However, critics warn that the tactics used by the digital assets industry could set a precedent for other sectors, potentially leading to a “more entrenched” system for companies. Influencing politics.
Rick Claypool, director of research at Public Citizen, called the digital assets sector’s approach an “intimidation tool” aimed at influencing lawmakers without explicitly declaring its interests.
Featured image of DALL-E, chart from TradingView.com
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