The crypto industry has sent millions to political campaigns. It paid off. Whoever wins in November, the US will have a crypto-friendly president.
A version of this story appeared in Us The Guidance Newsletter on 30 September. Sign up Here.
The crypto industry is pumped $204 million In the 2024 US election — and it worked.
The industry is closer than ever to getting assurances from lawmakers on key issues.
The respective groups of Vice President Kamala Harris and her Republican challenger, former President Donald Trump, believe offering crypto will be key to winning battleground states on November 5.
Harris shocks crypto when he cites blockchain as an important factor in maintaining US tech competitiveness.
Perhaps, her campaign believes it's a way to reach young male voters — and win over Wall Street, which is bullish on tokenized assets.
Trump, meanwhile, has embraced the industry in his own way by quickly creating a DeFi project with his sons called World Liberty Financial and selling tokens. The result is that no matter who wins in November – the US will have a new president who campaigned on a pro-crypto stance.
This is a real turning point. The Biden administration is home to crypto's most powerful skeptics, namely Securities and Exchange Commission Chair Gary Gensler and Treasury Secretary Janet Yellen.
Join the community to get our latest articles and updates
Now, the next administration is open to bipartisan legislation that the industry urgently wants.
The incredible political cost of crypto
Crypto-focused political action committees have raised more than $204 million An expense tracker.PACs spent nearly $120 million — much of it on attack ads against crypto-skeptic candidates. Crypto spending over the past three election cycles — $129 million — is 15% of all known corporate contributions since 2010, according to the Consumer Rights Report. Lawyers public citizen.Crypto interests are simply outpacing the fossil fuel industry in spending, the report says.
To be sure, it's unclear exactly what Harris or Trump think about crypto. None of the candidates outlined any clear policy agenda on digital assets.
Neither showed a deep understanding of technology.
Trump's dubious DeFi project, which appears to be of a piece with his startup Questionable $100,000 souvenir watchesHis support for crypto has drawn criticism self service.
Harris' opponents in crypto dismissed her support as empty words.
We will know the finer details of the policy only after the new president is installed.
However, whoever the next president is, crypto has already won the election.
Reach me at [email protected].
