Cryptocurrency Industry: Disagreements Over Political Spending
The cryptocurrency industry is facing internal disagreements over how to spend money efficiently in the upcoming 2024 elections to support candidates aligned with their interests. This division within cryptocurrency circles coincides with a significant increase in financial contributions to political races, totaling over $119 million this cycle. According to a report from the consumer advocacy group Public Citizen, this spending constitutes nearly half of all corporate political donations this cycle, trailing only behind fossil fuels.
Rift Within Cryptocurrency Circles
The discord within the cryptocurrency community became evident when Defend American Jobs PAC, an affiliate of the FairShake PAC, announced a $12 million allocation to back Republican Bernie Moreno in his electoral contest against Sen. Sherrod Brown (D-OH). This decision sparked divergent opinions, leading to Democratic donor Ron Conway’s withdrawal from the cryptocurrency super PAC due to disagreements over targeted candidates.
Blockchain Association CEO Kristin Smith highlighted the personal and emotional nature of such decisions within the cryptocurrency industry, noting the varying perspectives among crypto-focused voters.
Political Divergence: Republican vs. Democratic Support
Follow the Crypto research project highlighted that Republican candidates are currently receiving more financial support from cryptocurrency PACs compared to their Democratic counterparts. With $54.6 million channeled towards Republican candidates and $34.7 million supporting Democrats, a clear trend emerges in favor of conservative political figures.
The industry’s shift towards the right can be attributed to perceived hostility from select Democrats, particularly towards Securities and Exchange Commission leader Gary Gensler. Many within the cryptocurrency sphere view Gensler’s regulatory approach as detrimental, prompting a reevaluation of political allegiances.
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Source : www.washingtonexaminer.com