The crypto world flexes its financial muscles in U.S. politics as never before. I'm rather amazed at the amount of cash they're throwing around to influence Senate races. Fairshake super PAC and allies are ready to spend a whopping $12 million in Ohio alone. That is a huge amount of money for one state!
Key target: Sen. Sherrod Brown. He has been a thorn in the side for crypto companies for quite a long time. As chairman of the Senate Banking Committee, he has made it difficult for crypto-friendly bills to advance.
Now the industry wants him out.
It's pretty bold how up-front they are about their intentions. This isn't something where they're trying to hide, saying they want to elect people to office who will help make life easier for crypto businesses. It's not just Republicans, either, they're spending millions on Democratic candidates in both Arizona and Michigan.
What really stands out to me is that these crypto PACs are gaining momentum. They are literally now playing in the big leagues, spending as much as other major U.S. industries. It's kind of wild to think that just a few years ago, the crypto scene was barely on the political radar.
I wonder what this means for the future of crypto regulation.
That is, if they ever manage to get more friendly faces in the Senate, we might see a lot of changes coming from this. The backlash could grow, though. Some people may not want crypto money to have that much influence in politics.