According to a Bloomberg report, the crypto lobby in the United States has issued a stark warning to political candidates, demanding their support or risk defeat at the ballot box in the November 5, 2024, elections. 

Citing the recent defeat of Democratic Representative Katie Porter in California’s Senate primary as evidence, the digital asset industry points to its significant financial backing and influence on elections. 

With sympathetic billionaires and a well-funded pro-crypto super political action committee (PAC), the industry aims to shape the political landscape in favor of cryptocurrency-friendly candidates.

Industry Giants Pour $10M Into Securing Pro-Crypto Nominees

Rich industry players have reportedly contributed $10 million to advertising and get-out-the-vote efforts that allegedly helped defeat Katie Porter in the open primary. That outcome paved the way for fellow Democrat Adam Schiff, perceived as more pro-crypto, to secure the nomination, the report noted. 

According to the report, the lobby plans to use Porter’s loss as an example to pressure other vulnerable Democratic allies, warning that aligning with crypto critic Senator Elizabeth Warren could make their reelection campaigns more difficult.

Digital asset advocates have reportedly garnered significant financial support from sympathetic billionaires and industry leaders. The pro-crypto Super PAC, Fairshake, has amassed a “war chest” of approximately $75 million for use in the US elections. 

Notable backers include Coinbase CEO Brian Armstrong, Gemini exchange founders Cameron and Tyler Winklevoss, and Marc Andreessen of Andreessen Horowitz. With significant resources, the lobby aims to influence political outcomes and promote candidates who support the industry’s interests.

Balancing Innovation And Regulation

The digital asset industry faces legislative proposals to combat illicit finance, with Go to Source to See Full Article
Author: Ronaldo Marquez

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details