Cryptocurrency industry fractured over where to spend money in 2024 elections

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into races this cycle, spending more than $119 million. The spending accounts for almost half of all corporate political contributions this cycle, being second only to spending for fossil fuels, according to a But divisions within cryptocurrency circles began to emerge after Defend American Jobs PAC, an affiliated PAC of the FairShake PAC,last month that it would spend at least $12 million to support Republican Bernie Moreno in his race against Sen. Sherrod Brown .

Sen. Cynthia Lummis , a vocal supporters of pro-cryptocurrency legislation, wondered if her colleagues on the other side of the aisle are beginning to support the industry just because they see how powerful it has become. The advocate said it’s not surprising that the industry has been leaning more toward the right lately. Several Democrats have been hostile to the industry, specifically accusing the leader of the Securities and Exchange Commission, Gary Gensler , of unfairly targeting the industry.

“We will encourage innovative technologies like AI and digital assets, while protecting our consumers and investors,” Harris said in remarks reported by “I continue to work with both parties to make that happen, and I appreciate that I’ve even had the opportunity to make some comments on what’s going on in the AG committee with their legislation,” Lummis said. “I continue to approach this topic with hopes that during the lame duck, we’ll be able to get a comprehensive framework across the finish line.

 

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