The cryptocurrency industry has emerged as a significant political force, and more than $135 million was spent in the 2024 election cycle to support more than 50 people in the political field.
As of Friday morning, all 48 candidates supported by major crypto political action committees (PACs) have been declared winners, according to to Bloomberg, marking a significant victory for the industry and a potential game changer in digital asset management for years to come.
‘Anti-Crypto Is A Career Ender’
The crypto industry’s spending wasn’t limited to corporate lines; candidates from both the Democratic and Republican parties received support.
The largest investment came from Ohio, where more than $40 million was directed to Republican Bernie Moreno in his campaign against Democratic Senator Sherrod Brown, a known critic of cryptocurrency.
The success of Moreno, who won 50.2% of the votes, is an example of the result of the crypto sector. financial support. Coinbase CEO Brian Armstrong celebrated the results, saying “being anti-crypto is a great way to end your career.”
The Fairshake has become the largest single-issue PAC in US history, surpassing regular corporate donors and now ranking second only to the fossil fuel industry in political spending since the Supreme Court’s 2010 ruling on corporate political donations.
The Cedar Innovation Foundation, a crypto-backed lobbying group, has announced the formation of “the most pro-blockchain and pro-crypto Congress in history,” urging President-elect Trump to remove SEC Chairman Gary Gensler, who has been known for years . home critical situation near the factory.
Political Tactics for Controlling Purposes
Companies like Coinbase and Ripple are also joining lobbying efforts, using an unprecedented number of registered stakeholders by 2024. Andreessen Horowitz, a financial company with significant crypto investments, and is expanding its presence in Washington, DC, to continue to strengthen the influence of the industry.
Political experts note that while financial donations can facilitate meetings with lawmakers, ongoing engagement is essential to achieving policy goals.
Peter Loge, professor of media and public affairs, emphasized the importance of continuing to be present and involved in political events, saying, “You have to be visible.”
The election results have already sparked discussions among the candidates about including cryptocurrency in their platforms. For example, Republican Sam Brown in the Nevada Senate race began to highlight blockchain innovation as a key campaign issue after a huge ad spend by Fairshake.
As the cryptocurrency industry takes a victory lap, it faces the challenge of navigating the complex political landscape it helped shape. According to Bloomberg, the industry plans to continue to seek more lucrative legislation, using its recent electoral success to bolster its advocacy efforts.
However, critics warn that the tactics used by the digital goods industry could serve as a model for other sectors, potentially leading to a “highly concentrated” business model. political influence.
Rick Claypool, director of research at Public Citizen, described the digital asset sector’s approach as a “tool of intimidation,” which aims to influence lawmakers without revealing their interests.
Featured image from DALL-E, chart from TradingView.com