Crypto Lobby Pays Off | Pro-Crypto Candidates Are Beating Anti-Crypto Army
The crypto world is abuzz with political activity as candidates across the country vie for support from the burgeoning digital asset industry. A new crypto-focused Super PAC called FairShake has poured millions into supporting pro-crypto candidates like Adam Schiff in California and opposing anti-crypto figures like Katie Porter. This represents a seismic shift, with the crypto industry now wielding substantial financial clout to influence election outcomes.
On the national stage, crypto advocates are closely watching the 2024 presidential race. While former President Trump's stance was somewhat hostile to crypto during his term, with attempts to restrict self-hosted wallets, the jury is still out on his current position. Crypto leaders are calling on both Trump and President Biden to clearly articulate their policies. Securing presidential support could provide a major boost for the industry's growth and adoption.
At the regulatory level, battles are heating up as well. SEC Chair Gary Gensler faced tough questioning recently about whether Ethereum should be classified as a security. His non-committal response highlighted the murky regulatory landscape crypto projects still face. Senator Elizabeth Warren's proposed legislation, dubbed a potential "ban" on crypto by the industry, is rallying opposition amid claims she is spreading misinformation about existing crypto regulations.
For crypto advocates, the path forward involves grassroots campaigning to elect blockchain-friendly legislators. Groups like FairShake plan to replicate their tactics across numerous congressional races in 2024. The goal is to reshape governing bodies to favor clear crypto regulations that protect innovation. With over 350,000 individuals donating $86 million so far, the crypto lobby is rapidly gaining influence.
As digital assets like Bitcoin gain mainstream traction as hedges against inflation, the political battleground is taking shape. Innovative fintech is inevitably disruptive, and crypto is the latest frontier. Whether welcomed as the future of finance or faced with overzealous restriction, the crypto market's ascendance ensures it will be a pivotal issue looming over the 2024 elections.
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