Crypto is making a splash in U.S. elections — but chiefly in jabs about industry influence
Boosters often say crypto voters can swing elections, but Democrats are seeking mileage out of tying crypto to Trump, corruption and attempts to buy seats in Congress.
As the 2024 U.S. midterm elections approach, cryptocurrency is finding its way into political campaigns, but the industry is carefully avoiding any direct involvement in the ads for favored candidates. Critics, however, are using crypto as a tool to accuse politicians of corruption and political influence.
Democratic candidates, such as Mark Warner and Sherrod Brown, have highlighted the influence of crypto in their campaigns. Warner’s ad against Trump and his allies underscores the billions made by Trump from a crypto memecoin, labeling it as "grifting." Brown, on the other hand, has embraced the $40 million spent against him by crypto-related political action committees, using it as a rallying point against alleged corporate influence in politics.
Oliver Gilbert, another Democratic candidate, has faced a similar situation, with the Fairshake super PAC spending $2 million to oppose him, accusing him of being a "crypto con artist." Similarly, candidates Peggy Flanagan and Juliana Stratton in Minnesota and Illinois flaggged their issues with crypto during their primary races.
The 88% of voters polled by Fox News cited government corruption as their top concern, indicating that crypto-related corruption is a significant issue in the minds of voters. Despite the industry's attempts to distance itself from political involvement, its close ties with Donald Trump and the substantial contributions it made to Trump's primary super PAC, MAGA Inc., have brought it into the political spotlight.
However, this close relationship has also come at a cost for the crypto industry. With accusations of self-dealing and corruption against Trump and his administration, the industry may struggle to recover its position in the political arena. Advocacy groups, such as the Blockchain Association, are calling for rules that don't depend on political shifts, but the damage to the industry's reputation during this election cycle may prove to be significant.
Written by urgent.news from CoinDesk's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
