The crypto industry's push for influence in Washington has led to its backing of various political figures, including those with controversial views and questionable backgrounds. Despite touting ideals of freedom and democracy, the industry's support for such figures casts doubt on its commitment to responsible political engagement.
Furthermore, the industry's strategy of supporting politicians solely based on their affinity for Bitcoin may result in wasting resources on fringe candidates with little hope of getting elected. A more effective approach would be to back "electable candidates" who support Bitcoin, as they are becoming increasingly common in both political parties.
Amid the industry's efforts to shape the political landscape, a message of preserving blockchain jobs and technology in the U.S. is central. The upcoming 2024 election presents a significant opportunity for the crypto industry, provided it allocates its resources responsibly and avoids backing unworthy candidates.
The crypto industry’s influence in Washington, D.C., has significantly grown over the years, marked by substantial financial resources and support for political candidates. The industry has donated $78 million to super PACs, funded by major players like Coinbase and Andreessen Horowitz, to exert influence in the political sphere. However, the industry's support for controversial and fringe political figures raises questions about its commitment to responsible political engagement. Aligning with politicians based solely on their support for Bitcoin may lead to wasting resources on unelectable candidates, prompting a call for a more strategic approach. Emphasizing the preservation of blockchain jobs and technology in the U.S., the industry sees the 2024 election as a crucial opportunity, provided it allocates its resources wisely and avoids backing unworthy candidates.
In other news related to the cryptocurrency industry, asset manager 7RCC has filed an application with the SEC for a Bitcoin ETF that includes carbon offsets. Zooko Wilcox, creator of the privacy coin ZCash, is stepping away from the project. A Montenegro court has suspended the extradition of Terra founder Do Kwon, pending a review of the case. Additionally, a U.S. court has approved a settlement requiring Binance to pay $2.7 billion to the CFTC and its founder to pay another $150 million. The inscribe-on-a-blockchain feature known as Ordinals has spread from Bitcoin to other chains, resulting in congestion in the process.