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Inside crypto’s bid for influence on American politics

Inside crypto's bid for influence on American politics

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TL;DR

  • Super Tuesday’s primaries could affect who controls Washington, and the crypto crowd wants a say.
  • Coinbase CEO Brian Armstrong is pushing for politicians to take crypto supporters seriously.
  • The crypto industry is spending millions to support or oppose candidates based on their crypto stance.

2024’s Super Tuesday wasn’t just about choosing who’ll run the show in Washington. It was also when the crypto crowd got to throw their weight around, trying to make sure their voices are heard loud and clear. Brian Armstrong, the CEO Coinbase, has been pretty vocal, saying it’s high time politicians woke up to the massive group of Americans passionate about cryptocurrency.

This whole deal isn’t just about picking who gets to sit in Congress or setting up the big face-off for the presidency later. Armstrong sees it as a golden opportunity to poke federal politicians who’ve been dragging their feet on crafting some solid crypto rules. He’s out there at a crypto gathering in California, thrown by a group Coinbase backs, saying these politicians are snoozing on a growing number of voters who are all in on cryptocurrencies.

Armstrong’s point was once politicians in DC catch on that backing crypto could win them votes, they’ll start hustling to get a grip on the tech to keep their seats warm. The message from the crypto industry is they’re here, they’re big, and they’re not going away.

Now, this isn’t the first time the crypto industry was in the congressional campaign circus. They’ve been throwing tens of millions at candidates who are on their side or showing the cold shoulder to those who aren’t keen on crypto. Over in California, the race for an open Senate seat is like a soap opera with crypto ratings. Adam Schiff gets a thumbs up with an “A” for being crypto-friendly, while Katie Porter is at the bottom of the barrel with an “F” from the crypto folks. Porter’s in the hot seat, with a crypto PAC spending big to see her lose, and it looks like she might not even get a shot at the general election.

It’s not just California that’s got the crypto industry on the edge of their seats. Texas and Alabama have candidates, Julie Johnson and Shomari Figures, who are talking up the benefits of blockchain and crypto, hoping to ride that wave into Congress. The battlefield is packed, and by tonight, we’ll see who’s still standing.

Rewind two years, and the crypto money was flowing mostly to bets that looked like sure wins. But then came the drama with FTX and its fallen star, Sam Bankman-Fried, leaving a bunch of politicians trying to explain why they took his cash. After a year of crashes, bankruptcies, and endless debates over regulation, crypto has become a hot potato in politics. Republicans are mostly waving the crypto flag, but finding a Democrat who’s on board might get tougher.

Adding to Tuesday’s drama, Kyrsten Sinema, once a Democrat now flying solo, announced she’s bowing out. She played a part in the 2021 infrastructure bill that slapped the crypto industry, sparking them to up their game in lobbying and political donations.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Jai Hamid

Jai Hamid is a passionate writer with a keen interest in blockchain technology, the global economy, and literature. She dedicates most of her time to exploring the transformative potential of crypto and the dynamics of worldwide economic trends.

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