Cryptocurrencies
Crypto Titans Threaten to Unleash War Chest on Hostile Lawmakers
- Pro-industry super PAC has around $75 million to spend
- US policymakers weighing rules to regulate the asset class
The industry has its eyes on legislative proposals aimed at combating illicit finance.
Photographer: Stefani Reynolds/AFP/Getty ImagesThis article is for subscribers only.
The crypto lobby is putting US political candidates on notice: Side with us or risk defeat at the ballot box.
As evidence, it’s pointing to the defeat of Democratic Representative Katie Porter in California’s Senate primary last week. Deep-pocketed industry participants pumped $10 million into an advertising and get-out-the-vote effort that they’ve said helped eliminate Porter in the open primary. That set a clearer path for her fellow Democrat Adam Schiff – seen as being more friendly to crypto – to take the spot in November.