The 2024 election cycle was a showcase of the cryptocurrency industry’s new, aggressive approach to political influence, and now this investment aims to reap rewards in the form of regulatory changes.
The industry’s massive spending wasn’t just about backing friendly candidates; it was a calculated attempt to reshape the regulatory landscape.
This means the “so what” is that the industry seeks to replace those they view as hostile regulators with policymakers more aligned with its growth ambitions.
This was particularly driven by Coinbase (NASDAQ:COIN) and venture firm Andreessen Horowitz who were the biggest financial backers of the pro-crypto Fairshake super PAC, which spent $173 million during the last election.
The “why” behind such hefty spending is crystal clear: to oust regulators viewed as “overzealous,” like Sherrod Brown (D-Ohio), against whom the …
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