Is the Crypto Industry Shaping the 2024 U.S. Election Cycle?
Stand With Crypto Alliance Surveys Congressional Candidates
The cryptocurrency industry is emerging as a new force in the 2024 U.S. election cycle, with the Stand With Crypto Alliance taking the lead in surveying candidates for Congress on their views regarding digital assets. As the political arm of the crypto movement gains traction, it is amassing tens of thousands more followers and bolstering its financial resources.
Engaging in Political Activity
According to Olivia Buckley of OpenSecrets, a research group tracking money in U.S. politics, the survey conducted by the Stand With Crypto Alliance serves as a means for the young crypto industry to engage in political activity in the absence of traditional trade organizations. The alliance aims to organize voters who own cryptocurrencies and influence public opinion on related matters.
Impact on Candidate Support
Candidates who respond to the survey in ways perceived as favorable by the crypto industry may receive support from groups seeking to promote crypto-friendly candidates. This dynamic underscores the growing influence of pro-crypto non-profits, which have proliferated in recent years.
Potential Regulatory Implications
With federal-level crypto regulation remaining a contentious and opaque issue, Buckley highlights the significance of identifying candidates supported by the industry. The stance taken by elected officials on crypto-related legislation could shape the regulatory landscape for digital assets in Congress.
Survey Participation and Scope
Over a dozen candidates from various states, including California, Alabama, Texas, Indiana, and Maryland, have already completed the survey, according to Stand With Crypto. However, the group has opted not to disclose specific names. Moving forward, the alliance intends to distribute the survey to candidates for all 468 seats in Congress up for election in November.
Purpose of the Survey
Nick Carr, chief strategist for Stand With Crypto, emphasizes that the survey aims to provide crypto advocates and the community with insights into the positions of policymakers and candidates on crypto-related issues. Questions in the survey cover topics such as the role of cryptocurrencies in technological innovation and the importance of modernizing the regulatory environment for crypto.
Growing Support and Involvement
Stand With Crypto's membership has surged to 370,000 as of Wednesday, indicating a significant increase from 315,000 just before March 5's Super Tuesday contests. The group, partially launched by Coinbase, a leading online platform for buying and selling crypto, has gained substantial momentum in its efforts to influence the political landscape.
Support for Pro-Crypto Candidates
In addition to the Stand With Crypto Alliance, three new super PACs - Fairshake, Defend American Jobs, and Protect Progress - have emerged to support pro-crypto candidates. These super PACs have collectively allocated millions of dollars towards Super Tuesday races, signaling the growing financial backing for candidates aligned with crypto interests.
Financial Impact
The three super PACs have collectively spent over $21 million in independent expenditures during this election cycle, according to OpenSecrets data. This significant financial investment underscores the importance of crypto-related issues in the current political climate.
