🔥 The crypto industry is pouring hundreds of millions of dollars into the US midterm elections! This time, it’s really trying to gain a voice in shaping regulation!
On November 1, the latest data showed that the crypto industry is ramping up its investment in the US political arena. Depending on how the figures are tallied, related political spending has topped $200 million. According to Reuters, as of October 20, the crypto industry had spent about $176 million across more than 100 races. Fairshake and its affiliated political organizations accounted for about $150.8 million of that, with major backers including Coinbase, Ripple, and a16z.
This money isn’t being spent just to run ads for candidates. The industry’s bigger goal is to elect more members of Congress who support crypto and pave the way for future regulatory policies. The closely watched CLARITY Act is a particular focus: it was previously stalled in a procedural vote in the Senate, and the industry hopes to influence the makeup of Congress through the elections and push crypto rules in a clearer direction.
Election Day is November 3, and this election matters a lot to the crypto industry. Put simply, the crypto world used to compete mainly on technology, funding, and users. Now it has to compete for political influence, too.
My take: the crypto industry has realized that market conditions aren’t the only thing shaping its future—regulatory rules matter, too. Whoever gets a seat at the table when the rules are written could have a bigger say in the next round of industry competition. But spending big to back candidates doesn’t guarantee that a bill will pass. In the end, it still comes down to votes in Congress and competing interests! 👀
On November 1, the latest data showed that the crypto industry is ramping up its investment in the US political arena. Depending on how the figures are tallied, related political spending has topped $200 million. According to Reuters, as of October 20, the crypto industry had spent about $176 million across more than 100 races. Fairshake and its affiliated political organizations accounted for about $150.8 million of that, with major backers including Coinbase, Ripple, and a16z.
This money isn’t being spent just to run ads for candidates. The industry’s bigger goal is to elect more members of Congress who support crypto and pave the way for future regulatory policies. The closely watched CLARITY Act is a particular focus: it was previously stalled in a procedural vote in the Senate, and the industry hopes to influence the makeup of Congress through the elections and push crypto rules in a clearer direction.
Election Day is November 3, and this election matters a lot to the crypto industry. Put simply, the crypto world used to compete mainly on technology, funding, and users. Now it has to compete for political influence, too.
My take: the crypto industry has realized that market conditions aren’t the only thing shaping its future—regulatory rules matter, too. Whoever gets a seat at the table when the rules are written could have a bigger say in the next round of industry competition. But spending big to back candidates doesn’t guarantee that a bill will pass. In the end, it still comes down to votes in Congress and competing interests! 👀
