The cryptocurrency industry has emerged as a notable political force, spending more than $135 million to support more than 50 candidates across the political spectrum in the 2024 election cycle.
As of Friday morning, all 48 candidates backed by major crypto political action committees (PACs) have been declared winners. According For Bloomberg, this marks a significant win for the industry and a potential shift in the regulation of digital assets for years to come.
‘Anti-crypto is a career ender’
Crypto industry spending was not limited to partisan lines; Candidates from both the Democratic and Republican parties received support.
The largest investment came from Ohio, where more than $40 million was invested into 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 crypto sector financial assistanceCoinbase CEO Brian Armstrong celebrated the results, saying that “being anti-crypto is a good way to end your career.”
fairshake Has become the largest single-issue super PAC in US history, surpassing traditional corporate donors and now second only to the fossil fuel industry in political spending since the Supreme Court’s 2010 ruling on corporate political contributions .
The Cedar Innovation Foundation, a crypto-backed lobbying group, has already announced the formation of “the most pro-blockchain and pro-crypto Congress in history,” urging President-elect Trump to remove SEC Chairman Gary Gensler. , which has characterized the past years. for him critical stance Towards industry.
Political strategy for regulatory goals
Companies like Coinbase and Ripple are also ramping up lobbying efforts, employing an unprecedented number of registered lobbyists in 2024. Andreessen Horowitz, a venture capital firm It is also expanding its presence in Washington, DC, with significant crypto investments to further strengthen the industry’s influence.
Political experts note that financial contributions may facilitate meetings with MPs, but sustained engagement is important to achieve policy goals.
“You have to keep showing up,” said Peter Loge, professor of media and public affairs, emphasizing the importance of continued presence and participation in the political process.
The election results have already prompted discussion among candidates about integrating cryptocurrencies into their platforms. For example, Republican Sam Brown in the Nevada Senate race began highlighting blockchain Innovation is a key campaign issue following significant advertising spending by Fairshake.
As the cryptocurrency sector marches toward victory, it faces the challenge of dealing with the complex political landscape it has helped shape. According to Bloomberg, the industry plans to continue its push for favorable regulations, taking advantage of its recent electoral success to strengthen its advocacy efforts.
However, critics have warned that the strategy adopted by the digital asset industry could set a precedent for other sectors, potentially leading to a “much stronger” system of corporate governance. influence in politics,
Rick Claypool, research director at Public Citizen, described the digital asset sector’s approach as a “bully tool” aimed at influencing lawmakers without clearly declaring their interests.
Display image from DALL-E, chart from tradingview.com
