Crypto companies have already funneled some $119 million into federal elections, according to data from Public Citizen.
The crypto industry is making its mark on this year's elections to the tune of some $119 million.
The funding has largely come from two companies — Coinbase and Ripple — which are funneling money into super PACs like Fairshake PAC, which is dedicated to "elevating pro-crypto candidates and attacking crypto skeptics," according to Public Citizen.
At the 2024 bitcoin conference in Nashville in February, Trump — who called bitcoin "highly volatile and based on thin air" in 2019 — said he'd lay out a plan "to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world." Trump has already won the backing of several crypto enthusiasts, including his running mate JD Vance, who owns at least $250,000 in bitcoin.
The entire crypto industry is basically propped up by the existence of Tether, which is (notionally) backed by the US dollar.
Without Tether you lose any remaining institutional investment. Big companies want to be able to trade in crypto but they don't want to hold crypto, because it's volatile, and convertong fiat to crypto takes too long for effective trading. Tether is the middle man.
So yes, since Tether basically facilitates all meaningful crypto trading, and Tether is supposedly just tokenized USD, their statement about crypto being backed by the old money is perfectly cromulent.
Oh and by the way, crypto users... the coins they'll be promoting won't be yours. They won't be pushing for clear SEC categorization or lower taxes. They'll be helping insiders, and you're on the outside.
Coinbase made their first attempt to consolidate power with the New York Agreement. This is their next attempt, now with regulatory capture.
Republicans are offering you financial freedom that you already have without their permission.
Crypto billionaires are billionaires “on paper.” By that, I mean, they can’t get their money OUT of crypto unless millions of people buy INTO crypto. So, of course, they are trying to mainstream it.
Weird that the anti crime criminal is promoting crime coin, or not weird at all. Republican party has for years campaigned on fires they started (see debt, immigration, economy, etc)
I guess supporting something whose only legitimate uses are digital theft, money laundering, and buying human trafficking victims are their way of ensuring cartels won't ever stop existing
Weird that the anti crime criminal is promoting crime coin
Crypto is a painfully both-sides affair, what with the enormous volumes of investor cash flooding the election system. This went back to JP Morgan's backing of Etherium during the Obama administration, with crypto-bros infesting multiple Fed banks and throwing their own batch of state and federal office holders at the wall. Then Scam Bankrupt Greed's FTX went big and straight up bought out Senators Cynthia Lummis and Catherine Gillibrand to write crypto-friendly regulatory reforms. His bank imploded before that legislation could worm its way through Congress.
But now they're back and with even more obscene piles of cash. Mistaking the Crypto-bros as uniquely Republican is going to bit liberals in the ass biggly. You're going to start finding crypto investments in your pension funds, your 401ks, and your college trusts very soon, if the Newsome Imperium and the Bloomberg banksters are allowed to ram their novelty tech innovation bills through Congress uninhibited.
Newsom is largely centrist, its less that crypto is party aligned and more that its corruption aligned - the republicans are just more corrupt on average.
They should treat it as a currency first then. The first major problem with crypto I saw was people were treating it as a commodity instead of using it to buy things.
You may know more about this than I do, but this seems incorrect. The crypto industry relies on trading commodities. If they wanted a digital currency, would they not lobby for a central bank digital currency?
They’re lobbying so they can make more money from cryptocurrency. It’s not going to benefit the common folk in any way (unless you believe in trickle down economics).
Imo citizens united paved the way for the reversal. Billionaires like must are clear they need meet for the machine and the only meat that spends money is human
Funny that some cryptobros still think bitcoin is the currency of the people. That shit is controlled by the rich as well, including the banks that they claimed would be left out of the "crypto revolution".