The crypto industry just flexed its political muscle, spending a whopping $135 million to support over 50 candidates in the recent elections. And guess what? It seems like that money paid off!
Crypto’s Winning Streak
Almost all the candidates backed by major crypto PACs (political action committees) won their races. This is a big deal for the crypto industry, which is hoping to use its newfound political clout to influence regulations in its favor.
Crypto Money Flows Both Ways
Crypto donations weren’t limited to one party. Both Democrats and Republicans received support. One of the biggest investments went to Republican Bernie Moreno in Ohio, who beat out a known crypto critic, Democratic Senator Sherrod Brown. Moreno’s victory shows just how much impact crypto money can have.
“Anti-Crypto Is a Career Ender”
Coinbase CEO Brian Armstrong celebrated the results, saying that being against crypto is a bad move for politicians. This shows how confident the industry is about its future.
Crypto’s Super PAC Dominance
One crypto-backed super PAC, Fairshake, has become the biggest single-issue super PAC in US history. It’s now second only to the fossil fuel industry in political spending.
Lobbying Powerhouse
Companies like Coinbase and Ripple are also stepping up their lobbying efforts, hiring more lobbyists than ever before. Venture capital firm Andreessen Horowitz, which has heavily invested in crypto, is also increasing its presence in Washington D.C. to push for industry-friendly policies.
The Importance of Persistence
Political experts say that while money can get you in the door with lawmakers, it’s important to keep showing up and engaging with them to achieve your goals.
Crypto’s New Political Agenda
The election results have already led some candidates to talk about integrating cryptocurrency into their platforms. For example, Republican Sam Brown in Nevada started highlighting blockchain innovation after Fairshake spent heavily on ads supporting him.
Looking Ahead: A Complex Future
The crypto industry is celebrating its political victory, but it faces a complex future. It wants to continue pushing for favorable regulations, but critics worry that its tactics could set a dangerous precedent for other industries, leading to more corporate influence in politics.
