How The Next US Congress Could Be The Most Pro-Crypto Ever

by

As a seasoned crypto investor with over a decade of experience navigating the volatile world of digital assets, I find myself both excited and cautiously optimistic about the recent political shift taking place in the US Congress. The crypto industry’s strategic spending of $160 million through super PACs to support pro-crypto candidates is not just a game-changer; it’s a game-maker.

The cryptocurrency sector intends to invest a substantial $160 million via Super PACs in an effort to back politicians who are supportive of digital currencies, as well as influence the creation of advantageous regulations within the US Congress.

This bill, supported by both political parties, aims to create a favorable regulatory landscape that the industry seeks, as it broadens its reach and establishes credibility within the United States.

Crypto’s Political Power Grows in US Congress

2024 may see as many as 13 potential pro-cryptocurrency representatives taking office in the House of Representatives, given the increasing political sway of the digital currency sector.

Participants on either side of the political divide span a spectrum. On one end, you have progressive Democrats who perceive digital assets as tools to promote financial accessibility. Conversely, there are Republicans who criticize the Biden Administration’s cryptocurrency policies, emphasizing the technology as vital for “financial liberty.

Politico: Coming Soon the Most Pro-Crypto Congress Ever

— Faryar Shirzad (@faryarshirzad) October 22, 2024

In the Senate, a number of legislators who are favorable towards cryptocurrencies are anticipated to secure positions, with notable figures such as Reps. Adam Schiff (D-California) and John Curtis (R-Utah) predicted to comfortably win their states. Given that many Republicans in contested Senate districts are also pro-crypto, any Republican gains would broaden the pro-crypto faction.

As a researcher delving into the realm of cryptocurrencies, I can confidently predict that the 2024 Congress may well prove to be the most supportive of digital currencies we’ve ever seen. This shift could be instrumental in dismantling regulatory hurdles that have long been a challenge for the industry. It’s important to note that while only a fraction of the U.S. population currently uses crypto, key figures within the sector are investing substantially in our political system. This strategic move is aimed at raising the profile of their cause among influential legislators.

Crypto Industry’s Political Spending Soars Ahead of 2024 Elections

Jordan Libowitz, a communication vice president at Citizens for Responsibility and Ethics in Washington (CREW), noted that there’s been a significant shift in political spending within the cryptocurrency sector.

Initially spending minimal or no funds on campaigns, it is now among the top investors in this electoral period, demonstrating its rapid ascendancy in determining U.S. political direction. CREW, an organization monitoring campaign finance that monitors ethics, has labeled this shift a significant transformation in the political terrain.

In preparation for the 2024 U.S. elections, the digital currency sector aims to secure influential roles within politics by funding pro-crypto candidates through Super PACs. To give you a context, a Political Action Committee (PAC) that supports Bitcoin called “Bitcoin Voters PAC” has recently launched an ad campaign for the Republican Presidential candidate, Donald Trump. This advertisement is currently airing in Pennsylvania as per the PAC’s announcement.

Approximately $31.5 million has been invested by the industry to support Democratic candidates in key races across the nation, focusing specifically on decisive elections.

Notable investments were made in the following figures: Shomari Figures in Alabama received $2.6 million, Rep. Don Davis in North Carolina got $2.2 million, and Rep. Yadira Caraveo of Colorado was granted $2 million. Additionally, Rep. Pat Ryan of New York and Rep. Mary Peltola of Alaska also garnered substantial backing.

This high level of expenditure demonstrates how the industry is actively trying to mold regulations to benefit itself and build power in Washington.

Investing Heavily in Pro-Innovation Candidates

The digital currency sector is investing heavily in elections for both House and Senate seats, aiming to elect politicians who favor a regulatory environment that is conducive to innovation and less restrictive. In the Senate, political figures like Arizona’s Ruben Gallego and Michigan’s Elissa Slotkin have received financial backing totaling at least $10 million from pro-cryptocurrency Super PACs.

Just recently, it was revealed that the the Ripple co-founder Chris Larsen, gave three separate donations totaling nearly $10 million to Future Forward. This is the Super PAC supporting  Kamala Harris. 

As a researcher, I’ve noticed that in the political landscape, individuals like Representative Michelle Steel of California and Bernie Moreno, a Senate candidate in Ohio, are receiving substantial support from the cryptocurrency sector.

As an analyst, I can’t help but emphasize the significant role that cryptocurrency donors played in Moreno’s campaign, contributing nearly a third of his total funding over $40 million. If Moreno is successful in this race, he would effectively silence one of the industry’s most vocal critics, Senator Sherrod Brown, thereby strengthening Republican control over the Senate.

These candidates, whether Democratic or Republican, are viewed as forward-thinking proponents who could advance the drive towards less restrictive regulations and technological innovation within the digital assets sector.

Read More

2024-10-23 00:18