With $200m to spend on the midterms, crypto hopes to repeat its 2024 success: It's the most critical time'

"This is the biggest legislative agenda that crypto has ever seen. So, it's the most critical time to make sure that we have pro-crypto voters in Congress, because there's a lot that needs to get done, said Summer Mersinger, CEO of the Blockchain Association, whose Pac has spent $38,500 this election cycle."

"Crypto Pacs, firms and investors have already spent $32m supporting industry-friendly candidates and opposing its detractors, according to Federal Election Commission data, building on the industry's expansive spending in the 2024 presidential election. The bulk of that comes from Fairshake, a crypto-backed Super Pac, and its affiliates."

"The industry's most urgent legislative priority is passing the Clarity act, a regulatory crypto framework that would remove legal risks and, the industry says, unleash institutional capital. The bill has, however, stalled in the Senate amid gridlocked negotiations."

The cryptocurrency industry is significantly increasing political spending during midterm elections, allocating $32 million to support industry-friendly candidates and oppose detractors across multiple states, particularly Illinois. Fairshake, a crypto-backed Super Pac, leads this effort with over $193 million in cash reserves, making it the most heavily funded Super Pac of the cycle. The industry aims to cement gains from the Trump administration and secure congressional support for its legislative agenda. The primary focus is passing the Clarity Act, a regulatory framework designed to reduce legal risks and attract institutional capital. This bill faces a July deadline for a Senate floor vote before Congress breaks for midterms. While industry representatives claim a bipartisan approach, spending patterns show concentration in competitive federal races.

Read at www.theguardian.com