Crypto's Political Power Grows in US Congress

The crypto industry is trending in a significant political shift that could influence up to 13 pro-crypto candidates to win seats in the House of Representatives in 2024.

The cryptocurrency industry is ramping up its political presence in the US, with plans to spend a massive $160 million through super PACs in support of pro-crypto candidates and legislation.

This marks a significant shift in the industry's strategy, as it aims to secure a favorable regulatory environment and expand its presence within the US.

The move is also expected to have a substantial impact on the upcoming 2024 elections, with the potential to propel up to 13 pro-crypto candidates into the House of Representatives.

Among the candidates receiving support are progressive Democrats who view digital assets as a tool for financial inclusion, and Republicans who are critical of the Biden Administration's crypto policies and instead tout the technology as crucial for "economic freedom."

Crypto Industry to Spend $160 Million Boosting Pro-Crypto Candidates, Legislation

According to Politico, several crypto-friendly legislators are likely to secure seats in the Senate, including high-profile names such as Reps. Adam Schiff (D-Calif.) and John Curtis (R-Utah), who are widely expected to win their states' Senate races.

Given that the majority of Republicans in competitive Senate battleground states are also crypto-friendly, any GOP pickups would further expand that base.

Irrespective of the presidential election outcome, the year 2024 is poised to witness the most crypto-friendly Congress to date. This development could be pivotal in the industry's efforts to dismantle regulatory barriers and achieve its objectives.

While cryptocurrency usage remains limited among the US population, crypto executives are pouring substantial funds into the political system to raise awareness of their cause among lawmakers.

Crypto Industry Political Spending Surges Ahead of 2024 Elections

Jordan Libowitz, vice president for communications at the Citizens for Responsibility and Ethics in Washington (CREW), highlighted the dramatic change in the crypto industry's political spending habits.

Having previously spent minimal or no funds on campaigns, the industry has now emerged as one of the largest contributors in this election cycle, showcasing its rapidly growing influence in shaping US politics.

CREW, an ethics watchdog that tracks campaign finance, described the shift as a "sea change" in the political landscape.

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