Millions are being invested in cryptocurrency to sway midterm elections. What aims does the sector have?
The cryptocurrency sector is resting on what appears to be an endless well of money. Due to the industry’s efforts to sway the midterm elections in November, this wealth has made its way into this year’s elections.
- Through March 31, the crypto industry has spent $28 million on elections.
- It’s more than double the amount the industry spent in 2019-20 cycle which was almost $13.5 million.
- A $300 billion crash in the crypto market over the past month has intensified calls for regualtion.
- Political campaigns are seeing a new use in the technology behind crypto.
Millions of dollars have been invested in this year’s elections by the cryptocurrency sector as it exercises its newfound wealth and, along with it, a measure of growing political influence.
What was once a novelty and niche industry has exploded onto the political stage, appearing in campaigns, lobbying, and electoral contests.
Campaign contributions connected to the crypto industry have shot up, lobbying efforts have intensified and political campaigns are eyeing the technology behind crypto to woo donors and voters.