As the United States heads towards its midterm election season, crypto executives are ready to shower support and donations on industry-friendly politicians for Congress. But there are deep divisions in the two political parties, Congress and Republican, over digital assets. Concerns have been raised time and again about the role of cryptocurrencies in the American financial system.
Washington has seen some forward-thinking politicians, such as the mayors of New York City and Miami, taking their salaries in crypto. They are also looking at using it for payments. However, there are some anti-crypto politicians who are calling for the sector to be quashed.
Reports highlight crypto industry enthusiasts raising money for a super political action committee. It aims to spend $20 million promoting crypto-friendly candidates. Last week, Coinbase hosted a fundraiser for Senate majority leader Charles Schumer. The politician highlighted that crypto regulators should not smother the industry as it matures. The Republicans, as per industry leaders, are likely to benefit more from campaigning. Quite a number of Republicans have embraced the industry compared to the Democrats who remain divided.
Nevertheless, crypto donations have also come rolling for Democrat Congressional candidate Aarika Rhodes who is eyeing Brad Sherman’s (a crypto critic) California position. Rhodes is said to have taken a progressive approach and is support crypto as a matter of economic justice. Other Democrats are also warming up to the industry as it has a huge Millennial and future Gen.Z followers – a major vote bank.