The crypto industry is ramping up its efforts to influence U.S. policy following the recent elections. Super PACs associated with the sector spent a staggering $131 million on congressional races to elect pro-crypto lawmakers. At the same time, notable figures like Donald Trump received substantial backing for their pro-crypto stances. This push aims to ensure favourable regulations and leadership, such as appointing a crypto-friendly SEC chair to replace Gary Gensler.
- Political Investment: Cryptocurrency industry’s leading super PACs and billionaires invested heavily in promoting pro-crypto candidates, reflecting a strategic push to mold favorable regulatory and political environments.
- Pro-Crypto Goals: The industry is lobbying for legislative changes to integrate crypto more thoroughly into the U.S. financial system and advocating for leadership changes at the SEC.
- Bipartisan Support: The election resulted in 274 pro-crypto candidates being elected to the House and 20 to the Senate, demonstrating significant bipartisan support within Congress.
- Regulatory Impact: Washington’s decision to regulate digital assets could significantly impact the industry’s future and the wider financial landscape. Current efforts include lobbying to shift some regulatory powers from the SEC to the more lenient Commodities Futures Trading Commission.
Strategic Influence:
- Appointment Influence: There is a concerted effort to influence President Trump’s selection of SEC chair, targeting candidates favorable to crypto to facilitate a more supportive regulatory framework.
- Long-term Strategy: Crypto entities are already planning for the next election cycle, with substantial funds being amassed to continue influencing political outcomes.
As the cryptocurrency industry becomes an increasingly powerful political force, its influence on policy decisions could reshape regulatory frameworks and significantly impact the financial sector’s evolution.
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