. Maybe you thought of the cost of living, abortion, immigration, democracy, climate change, gun violence, the war in Gaza, the Supreme Court. If you’re like the vast majority of voters, the word you probably didn’t think of is “cryptocurrency.” from the nonprofit watchdog Public Citizen, nearly half of the $274 million in corporate money contributed during this year’s elections came from crypto firms.
And they were: This cycle, the crypto industry’s Super PACs poured $133 million into federal races around the country. The industry spent more than $40 million on the Ohio Senate race, where it helped unseat the crypto-skeptical chair of the Senate Banking Committee, Democratic Sen. Sherrod Brown. Fairshake ended up spending more than $10 million — roughly one-third of the total Porter raised for her Senate bid — on ads attacking Porter’s character. As a person familiar with the PAC’s strategy explained to theearlier this year, the group had an explicit goal in mind, and it wasn’t just to ensure that Porter lost. It was “to terrify other politicians—‘to warn anyone running for office that, if you are anti-crypto, the industry will come after you.
“She is perhaps the strongest opponent of crypto on the Hill, her Republican challenger was basically running on a cryptocurrency platform and, despite that, he received no backing from the major cryptocurrency PAC… And he lost his race by a huge margin,” says Molly White, who writes about the crypto industry in her newsletter Citation Needed. “Partly what was going on here is that they were trying to back winners so they could then come and say, ‘Look, we swept .
Generally speaking, at the moment, any Bitcoin related companies are governed by the commodities regulator, while the Securities and Exchange Commission has generally maintained that other cryptocurrencies ought to be regulated by the SEC itself — a position that cryptocurrency companies generally oppose and are actively challenging in several cases that currently being litigated, White says. actively courted crypto firms, pitching himself as “the crypto president.
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