Crypto’s ‘huge moment’ scrambling U.S. politics

Crypto’s ‘huge moment’ scrambling U.S. politics

Politico reports:

Cryptocurrency is used by a fraction of the American electorate. But it’s starting to have an outsize impact on U.S. politics and policy.

The crypto industry won several eye-catching victories this month that showcased its growing influence on the levers of power in Washington — something that’s poised to expand as it prepares to spend more than $80 million on the 2024 elections. The wins come as the Federal Reserve said this week that only 7 percent of adults held or used crypto last year, a decline of 5 percentage points from 2021.

Crypto-friendly legislation moving through Congress in the last two weeks drew a surprising level of bipartisan support, surfacing household names such as Senate Majority Leader Chuck Schumer and former House Speaker Nancy Pelosi as unexpected allies, while suggesting that crypto skeptics like Sen. Elizabeth Warren may soon be isolated on the issue. Amid the rift, the Biden administration signaled a new willingness to work on policy that the industry has long sought. Meanwhile, the industry’s super PACs have made progress in boosting allies — including by helping crypto-friendly Democrats win primaries.

Republicans who were already aligning themselves with the crypto world are leaning into the embrace even further. Former President Donald Trump is increasingly pledging to support the interests of digital asset traders, and he’s starting to accept campaign contributions in crypto. [Continue reading…]

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