The cryptocurrency industry’s top super PACs poured $131 million into congressional races this election cycle, helping elect dozens of pro-crypto lawmakers and securing key Democratic seats. Billionaires with crypto interests, including Elon Musk, also backed Donald Trump in the presidential election.
Industry groups are now pushing for clearer regulations, citing concerns that the lack of oversight is hindering innovation. Top contenders for head of the Department of Government Efficiency include Musk and industry leaders like Marc Andreessen and Ben Horowitz.
The sector’s spending blitz has drawn criticism from consumer groups, who warn that lax regulations could lead to inadequate consumer protections. However, industry officials argue that they need clear rules to build trust with investors and consumers.
As the new Congress convenes, the industry is signaling its intent to become a lasting presence in Washington, amassing $78 million for the 2026 midterm elections. Coinbase CEO Kara Calvert emphasizes the importance of securing continued support for the sector’s agenda.
The industry’s push for regulatory clarity comes after a contentious election season in which crypto-related issues were frequently mentioned during debates. With the stakes high, the cryptocurrency industry is set to remain a major player in shaping Washington policy.
Source: https://edition.cnn.com/2024/11/17/politics/crypto-industry-donald-trump-reelection/index.html