The crypto industry is sitting on what seems like a bottomless treasure chest. That wealth has found its way into this year’s election as the industry tries to influence November’s midterm elections.
- Until March 31, the crypto industry has spent $28 million on elections.
- That’s more than double the amount the industry spent in the 2019-20 cycle, which was nearly $13.5 million.
- A $300 billion crash in the crypto market over the past month has heightened calls for regulation.
- Political campaigns are seeing a new use for the technology behind crypto.
The cryptocurrency industry has poured millions into this year’s election as it flexes its new found wealth – and with it, a growing measure of political influence.
What was once a gimmick and niche area has burst onto the political scene – in electoral races, campaigning and lobbying. Campaign contributions related to the crypto industry have skyrocketed, lobbying efforts have intensified, and political campaigns are eyeing the technology behind crypto to woo donors and voters.