Donald Trump · Democrats · US Congress · CoinDesk
Crypto is making a splash in U.S. elections, but chiefly in jabs about industry influence
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Crypto is finally being talked about in U.S. political campaigns, but it's certainly not in a light that the industry would choose.
Key facts
- Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%
- The crypto/data-center crowd are up to $40 million now," Brown, the former chairman of the Senate Banking Committee, said in a recent Pod Save America interview, noting the industry's opposition ads
- Oliver Gilbert, a Democrat running for Congress in Florida, has also made his crypto-world political enemies an element in his campaigning, especially after the Fairshake super PAC spent $2 million
- They're supporting dozens of incumbents so far in the general election, and opposing Brown with at least $40 million in what may become the most expensive congressional race in U.S. history
Summary
The crypto industry's campaign spending doesn't make ads that mention crypto, so the main place the topic has come up in the elections is as a political weapon wielded by Democrats bashing the sector and its ties to President Donald Trump. Candidates such as former Senate Banking Committee Chairman Sherrod Brown and incumbent Virginia Senator Mark Warner are flagging the industry's outsized political spending and close relationship with the president. Though digital assets advocates have long referenced a grassroots uprising of crypto-focused voters that can swing elections, the industry's own massive campaign spending has carefully decided against even mentioning the financial technology in the ads it buys for favored candidates.