With the US presidential election high on the public mind, the focus is on the crypto industry’s role in funding political races. So far, crypto firms and personalities have spent almost $120 million on the federal contests this year, more than the Koch family, long seen as a leader among big-ticket donors, has spent in recent cycles. One pro-crypto super PAC, Fairshake, raised more than $204 million for the cycle, going after Democratic as well as Republican candidates, but only challenging Democrats – and all of them women – including Sen Katie Porter, who lost her primary, and the Democrats Reps Jamaal Bowman and Cori Bush, also primary losers.
We’re also seeing them wedge into the Ohio Senate. The crypto sector has put millions behind the candidacy of Republican Bernie Moreno, whom the local chapter of the Democratic Socialists of America has described as a ‘crypto-backed bio-billionaire’. Even former President Donald Trump has turned to the sector for support, as have other Republicans, buoyed by a $7.5 million crypto donation to his campaign, while Vice-President Kamala Harris has also courted the industry. Trump, too, has been seeking to stake America’s claim on a crypto future, seemingly revising his 2019 stance when he tweeted: ‘We will be the leader in that space.’ Now, he is promising to make America a ‘global crypto leader’. Harris seems less eager to court the industry, possibly because she has not been as explicit with her pro-crypto banter as Trump has.
Looking ahead from the industry’s perspective, Exodus Crypto Wallet’s CEO JP Richardson, a Trump donor, is pushing for a crypto-friendly Congress or President to guide US regulation of cryptocurrencies, including clear SEC guidance. Richardson has been among those crypto operators trying to shape regulatory landscapes to accommodate the mainstreaming of cryptocurrencies. Advocacy efforts have continued as well, with organisations such as Stand With Crypto focusing on voter education about candidates who support crypto policies.
Source: Business Insider
