As a seasoned crypto investor with a keen eye for political trends, I find the recent developments in the intersection of U.S. politics and cryptocurrency truly intriguing. Having witnessed the rise and fall of several digital assets, I can confidently say that this is not just another bull run or bear market; it’s a paradigm shift.
Exodus, a company that offers cryptocurrency wallets, recently contributed $1.3 million to Stand With Crypto, an organization that encourages politicians from both parties to advocate for candidates who are friendly towards crypto in the upcoming U.S. elections.
The recently announced donation, initially reported by Fox Business, is timely, given that there are only six weeks left until the election. Stand With Crypto, an organization aiming to inform and rally crypto voters across the country, will utilize Exodus’ contribution to broaden their outreach initiatives.
Exodus’s website also showcases a banner in support of Stand With Crypto and its initiatives.
Stand With Crypto, an organization that collaborates with major players such as Coinbase, is actively working towards shaping the political environment in a way that supports the cryptocurrency sector.
On Stand With Crypto’s site, it’s clear that contributions related to cryptocurrencies have exceeded $180 million during this election period. This trend suggests that the crypto sector is growing in power and seeks to create regulations that are friendlier towards digital currencies.
Crypto and U.S. politics
Key players in the cryptocurrency and politics sphere, including the Fairshake Political Action Committee (PAC), a group that advocates for crypto, are preparing to invest around $25 million during this election cycle, backing 18 different congressional candidates. Half of these candidates hail from each major party, Republican and Democrat.
The targeted campaigns span around a dozen states, including Alaska, California, and New York, with Fairshake intending to spend approximately $1 million per district.
Thanks to this surge in funding, advocates for cryptocurrency can more effectively lobby for laws, rules, and policies. As demonstrated by the passage of the FIT21 bill earlier this year.
The surge of cryptocurrency funds reaching the government alters political power structures, granting increased clout to politicians who favor or back crypto.
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2024-09-24 17:42