Big Crypto is now spending more on US elections than any other industry
www.businessinsider.com
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.

  • JiveTurkey@lemmy.world
    672·
    8 months ago

    The new currency that’s backed by the old currency and uses a shit ton more electricity. What a time to be alive.

  • paddirn@lemmy.worldEnglish
    232·
    8 months ago

    You mean money launderers, criminals, and foreign governments are openly spending more than any other industry?

  • Fedizen@lemmy.world
    181·
    8 months ago

    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

    • UnderpantsWeevil@lemmy.worldEnglish
      14·
      8 months ago

      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.

      • Fedizen@lemmy.world
        3·
        8 months ago

        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.

        • UnderpantsWeevil@lemmy.worldEnglish
          13·
          8 months ago

          Newsom is largely centrist

          He’s absolutely buried within the Silicon Valley lobbying community and has repeatedly wielded his gubernatorial power to quash pro-labor and pro-regulatory legislation on those grounds.

          the republicans are just more corrupt on average

          California Democrats are a stone’s throw away from any Midwestern Republican when it comes to “business friendly” state policies. The only thing either group cares about is economic growth.

  • banshee@lemmy.world
    141·
    8 months ago

    This is embarrassing. Currency should never be an industry in the first place.

  • ikidd@lemmy.worldEnglish
    10·
    8 months ago

    Jesus fuck, Citizens United needs to be reversed almost as much as Roe v Wade.

  • hark@lemmy.world
    101·
    8 months ago

    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”.