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Crypto Industry Engages US 2024 Candidates, Seeking Supportive Lawmakers

As the influence of the cryptocurrency industry grows in the 2024 U.S. election cycle, efforts are underway to survey congressional candidates regarding their stance on digital assets. The Stand With Crypto Alliance, an advocacy group aiming to mobilize voters who own cryptocurrencies and shape public opinion, has initiated a survey to gauge candidates’ views on the crypto space.

Olivia Buckley from OpenSecrets, a research group monitoring money in U.S. politics, notes that this survey is a novel approach for the crypto industry to participate in political activities, especially in the absence of established trade organizations. The responses from candidates deemed favorable to the industry’s interests may attract support from groups backing crypto-friendly policies.

The emergence of pro-crypto nonprofits in recent years indicates a growing presence of the industry in the political arena, Buckley observes. Given the contentious and ambiguous nature of federal crypto regulation, understanding which candidates receive support from the industry could provide insight into future legislative developments in Congress.

According to Stand With Crypto, over a dozen candidates from various states, including California, Alabama, Texas, Indiana, and Maryland, have already completed the survey. However, the group has not disclosed specific names and plans to extend the survey to candidates contesting the 468 seats in Congress up for election in November.

Nick Carr, chief strategist for Stand With Crypto, emphasizes that the survey aims to inform crypto advocates and the community about the positions of policymakers and candidates on crypto-related issues. The survey, as seen by Reuters, covers topics such as the role of cryptocurrencies in technological innovation, the importance of modernizing regulatory frameworks, and support for specific legislative measures concerning digital assets.

Stand With Crypto’s membership has grown to 370,000, indicating significant interest and engagement within the crypto community. The group, launched partly by Coinbase, an online crypto trading platform, underscores the industry’s increasing political activism.

Moreover, pro-crypto candidates are receiving backing from three new super PACs—Fairshake, Defend American Jobs, and Protect Progress—that have collectively allocated millions of dollars toward Super Tuesday races. These super PACs’ substantial expenditures highlight the growing financial influence of the crypto industry in electoral politics.

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