Dems Mocked Crypto, Now a $160M Bitcoin War Chest Could Ruin Their November: ‘Our Founding Fathers Would Have Been Bitcoiners’
Political War Chest Drives Crypto Influence
Several of the world’s largest cryptocurrency firms have amassed a political war chest exceeding $160 million. This substantial fund is poised to support candidates favoring “light touch” industry regulations—primarily benefiting Republicans, experts reveal.
Lobbying Expenditures Hit New High
Cryptocurrency companies’ spending on lobbying and government relations reached a record $24.7 million in 2023, according to the Securities and Exchange Commission. An additional $5.6 million has been spent in the first quarter of 2024, with expectations to more than quintuple by November.
Key Players: Coinbase and Blockchain Association
The biggest spenders include Coinbase, a popular crypto-exchange platform, and the Blockchain Association, a nonprofit lobbying at both state and federal levels. Their contributions have made crypto one of the most influential players this election cycle.
Crypto Could Swing the Election
Former President Donald Trump’s acceptance of crypto starkly contrasts the Biden administration's regressive approach. Many crypto supporters view crypto regulation as a key issue and are discontent with current policies targeting legitimate players like Coinbase and Uniswap. This dissatisfaction may lead to a significant increase in crypto donations to Republicans over Democrats.
Impact on Democrats
This trend spells trouble for Democrats like Ohio Sen. Sherrod Brown, a vocal critic of crypto. Brown’s Republican opponent, Ohio businessman Bernie Moreno, argues that crypto aligns with the principles of America's Founding Fathers, emphasizing decentralization of power and control.
Moreno’s Stand on Crypto
Moreno, a former blockchain company owner, asserts that crypto represents freedom. He believes Democrats like Brown desire control over various sectors, including currency, and thus inherently oppose crypto.
Democratic Party’s Crypto Future
When asked about the possibility of Democrats reversing course to gain crypto-industry support, Moreno expressed skepticism. He pointed out that the party's extremists, such as Brown and Elizabeth Warren, dominate its stance on crypto.
Crypto's Political Clout Questioned
Not everyone is convinced that crypto can buy political dominance in America. Some experts highlight that the crypto industry donated equally to both parties in 2022. They argue that crypto's primary aim is to curry favor with likely winning candidates who may vote on legislation impacting the industry.
Blockchain Technology’s Bipartisan Appeal
Jason Allegrante, Chief Legal and Compliance Officer of the crypto company Fireblocks, stresses that blockchain is a technology first and foremost. He notes that the industry prioritizes innovation and will continue doing so regardless of party lines. However, Republicans may benefit more this November as many seem to already understand crypto issues.
Final Thoughts
As the crypto industry navigates this election cycle, it's evaluating whether politicians like Brown and Moreno are outliers or exemplars in their respective parties regarding crypto. Ultimately, the industry aims to build alliances, and right now, the GOP appears friendly.
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