Crypto is pouring millions to influence midterm elections. What's the industry trying to achieve?
The crypto industry is sitting on what seems to be a bottomless treasure chest of wealth. That wealth has found its way into this year's elections as the industry tries to influence November's midterms.
Ken Tran- Through March 31, the crypto industry has spent $28 million on elections.
- It's more than double the amount the industry spent in 2019-20 cycle which was almost $13.5 million.
- A $300 billion crash in the crypto market over the past month has intensified calls for regualtion.
- Political campaigns are seeing a new use in the technology behind crypto.
The cryptocurrency industry has poured millions of dollars into this year's elections as it flexes its newfound wealth – and with it, a measure of rising political influence.
What was once a gimmick and niche field has burst out in the political scene – in election races, campaigning, and lobbying. Campaign contributions connected to the crypto industry have shot up, lobbying efforts have intensified and political campaigns are eyeing the technology behind crypto to woo donors and voters.
“Until 2020, so just two years ago, (crypto) was basically a non-entity in politics,” said Sarah Bryner, director of research and strategy at OpenSecrets, a non-partisan research group that tracks campaign finance. “They really went from zero to 100.”
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