Cryptocurrency companies are on an unprecedented spending spree to oust politicians opposed to their agenda and to help elect pro-crypto candidates in the 2024 election cycle.
The cryptocurrency industry — valued at $2.5 trillion worldwide — has lobbied extensively against regulations to hold its industry accountable for widespread fraud and mismanagement of customer funds following spectacular market failures in 2022 that left many Americans without access to their money.
One of the main political action committees receiving funds from crypto companies has raised more than $202 million since January 2023 — a number that dwarfs the $27 million donated by disgraced former cryptocurrency billionaire Sam Bankman-Fried to a similar political action committee in 2022.
Crypto’s booming influence is already in effect: the industry notched wins against politicians who opposed their regulatory agenda during the primary elections, former president Donald Trump has been parroting lobbyists’ questionable data on crypto’s use among Americans, and Sen. J. D. Vance (R-OH), Trump’s running mate, has deep ties to the crypto industry. Vance introduced a bill in 2023 that would shield banks from regulatory pressure to cut ties with customers over reputational risks — allowing them to work more freely with the crypto, gun, and oil and gas industries.
Just this weekend, advisers close to Vice President Kamala Harris, the Democrats’ presumptive presidential candidate, and other Democrats signaled that they too were open to more pro-crypto policies — highlighting a reset in how Democrats, namely the Biden administration, have pursued crypto policy.
“If we don’t have bitcoin, if we don’t have cryptocurrencies, we’re going…
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Auteur: Freddy Brewster
