Day: March 22, 2024

2024 US Election Cycle Sees Crypto Industry’s Influence: Candidates Surveyed for Crypto-Friendly Stance

In the midst of the 2024 U.S. election fervor, the cryptocurrency industry is flexing its political muscles by surveying Congressional candidates on their stance towards digital assets. The Stand With Crypto Alliance, the political arm of the movement, is leading the charge, attracting tens of thousands of

Olivia Buckley of OpenSecrets, a watchdog group tracking money in U.S. politics, notes that this survey is a novel approach for the crypto industry to engage politically, especially in the absence of traditional trade organizations.

Candidates who align with the industry’s views on crypto could find themselves with significant support from groups eager to promote crypto-friendly policies.

Buckley highlights the rise of pro-crypto non-profits in recent years, emphasizing the contentious and ambiguous landscape of federal crypto regulation. The industry’s support for particular candidates could foreshadow the direction of future crypto-related decisions in Congress.

Already, over a dozen candidates from states like California, Alabama, Texas, Indiana, and Maryland have completed the survey, according to Stand With Crypto, although specific names were not disclosed.

The group plans to extend the survey to candidates across the 468 Congressional seats up for grabs in November, signaling a concerted effort to gauge political attitudes towards cryptocurrencies.

Nick Carr, chief strategist for Stand With Crypto, emphasizes that the survey aims to inform crypto advocates and the broader community about where candidates stand on critical issues related to digital assets.

The survey, as seen by Reuters, delves into various aspects, such as the candidate’s beliefs on the role of cryptocurrencies in technological innovation and the importance of updating the U.S. regulatory framework for crypto.

Candidates are also asked about their potential support for specific legislation, such as a bill introduced to the House of Representatives last year aimed at establishing a regulatory structure for digital assets.

Stand With Crypto’s membership has surged to 370,000 as of the latest count, up from 315,000 just before the March 5 Super Tuesday contests. The group, partly launched by Coinbase (NASDAQ:COIN), an online crypto trading platform, is witnessing significant growth in its influence.

Moreover, pro-crypto candidates are already benefiting from the support of three new super PACs – Fairshake, Defend American Jobs, and Protect Progress – collectively pouring millions of dollars into Super Tuesday races.

Combined, these super PACs have allocated over $21 million in independent expenditures this election cycle, according to OpenSecrets, underscoring the burgeoning impact of the crypto industry on U.S. political dynamics.