The crypto industry in the US has sent a clear message to political candidates: back us, or risk losing at the polls.
Industry Influence on Elections
The industry has shown its financial muscle by contributing $10 million to efforts that helped defeat Democratic Representative Katie Porter in California’s Senate primary. This paved the way for Adam Schiff, seen as more pro-crypto, to secure the nomination.
Billionaire Backers and Super PAC
The industry has garnered support from sympathetic billionaires and industry leaders. The pro-crypto Super PAC, Fairshake, has amassed $75 million for use in the upcoming elections.
Regulation vs. Innovation
The crypto industry faces legislative proposals aimed at combating illicit finance. However, industry groups argue that these regulations could stifle innovation.
Growing Political Influence
The crypto industry’s growing political influence is a significant shift from its troubled past. Despite regulatory scrutiny, the industry has rebounded and now wields financial clout. Lawmakers are taking notice and recognizing the industry’s ability to influence elections.
