The US Congress is being targeted by the cryptocurrency industry, which plans to spend a massive $160 million through super PACs to support pro-crypto candidates and shape favorable legislation.
It is a bipartisan bill that reflects the industry’s desire to secure a friendly regulatory environment across the aisle as it expands its presence and legitimacy within the US.
Crypto’s Political Power Grows in US Congress
The crypto industry is trending in a significant political shift that could influence up to 13 pro-crypto candidates to win seats in the House of Representatives in 2024.
Candidates from both sides of the aisle range from progressive Democrats who view digital assets as a way to advance financial inclusion to Republicans who antagonize the Biden Administration’s crypto policies, touting the technology as key to “economic freedom.”
Politico: Coming Soon the Most Pro-Crypto Congress Ever https://t.co/R79yBs4uPH
— Faryar Shirzad (@faryarshirzad) October 22, 2024
In the Senate, meanwhile, a spate of crypto-friendly legislators is likely to pick up seats, with high-profile names including Reps. Adam Schiff, D-Calif., and John Curtis, R-Utah, expected to win their states handily. Since most Republicans in competitive Senate battlegrounds are crypto-friendly, any GOP pickups would expand that base.
Regardless of who wins the presidential election, 2024 will likely bring the most crypto-friendly Congress yet. That could be what the industry needs to achieve its goal of tearing down regulatory barriers. A small fraction of the US population still uses crypto. However, crypto executives are investing significant money in the political system, raising awareness of their cause among lawmakers.
Crypto Industry’s Political Spending Soars Ahead of 2024 Elections
Jordan Libowitz, a vice president for communications at the Citizens for Responsibility and Ethics in Washington or CREW- said the crypto industry has dramatically changed in terms of how much it spends on politics.
It went from spending very little on campaigns, if anything, to being among the biggest spenders in this election cycle, as it has shown its fast-rising influence in shaping US politics. CREW, an ethics watchdog that tracks campaign finance, called it a sea change in the political landscape.
The cryptocurrency industry is positioning itself for significant player status in US politics ahead of the 2024 elections, as super PACs spend big to back pro-crypto candidates. Just for reminder, a pro-Bitcoin Political Action Committee (PAC) called Bitcoin Voters PAC recently created a campaign ad for Republican Presidential Candidate Donald Trump. According to the PAC, this particular ad is currently running in Pennsylvania.
The industry has pumped about $31.5 million into backing Democratic candidates in the House, zeroing in on crucial contests around the country.
Significant investments include $2.6 million for Shomari Figures in Alabama, $2.2 million for Rep. Don Davis in North Carolina, and $2 million for Rep. Yadira Caraveo of Colorado. Others receiving substantial support included Rep. Pat Ryan of New York and Rep. Mary Peltola of Alaska.
This level of spending reveals the industry’s aggressive push to shape regulatory frameworks in its favor and amass influence in Washington.
Investing Heavily in Pro-Innovation Candidates
The cryptocurrency industry is spending big in both House and Senate races, hoping to elect candidates sympathetic to innovation-friendly, light-touch regulatory regimes. In the Senate, candidates such as Arizona’s Ruben Gallego and Michigan’s Elissa Slotkin have each received at least $10 million in support from pro-crypto super PACs.
Just recently, it was revealed that the the Ripple co-founder Chris Larsen, gave three separate donations totaling nearly $10 million to Future Forward. This is the Super PAC supporting Kamala Harris.
Meanwhile, on the Republican side, figures such as Rep. Michelle Steel of California and Bernie Moreno, who is running for Senate in Ohio, receive largesse from crypto.
The latter, of course, is particularly crucial for the industry since one-third of Moreno’s $40 million plus in support came from crypto donors. His success in that race would eliminate one of its most strident critics, Sen. Sherrod Brown, while helping lock in Republican control of the Senate.
It sees these candidates, both Democrats and Republicans, as progressive advocates who would further the industry’s push for more open regulations and innovation in the digital asset space.
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