Big Crypto is now spending more on US elections than any other industry
www.businessinsider.com
Crypto companies have already funneled some $119 million into federal elections, according to data from Public Citizen.

cross-posted from: https://lemmy.world/post/19059055

The crypto industry is making its mark on this year’s elections to the tune of some $119 million.

The funding has largely come from two companies — Coinbase and Ripple — which are funneling money into super PACs like Fairshake PAC, which is dedicated to “elevating pro-crypto candidates and attacking crypto skeptics,” according to Public Citizen.

At the 2024 bitcoin conference in Nashville in February, Trump — who called bitcoin “highly volatile and based on thin air” in 2019 — said he’d lay out a plan “to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world.” Trump has already won the backing of several crypto enthusiasts, including his running mate JD Vance, who owns at least $250,000 in bitcoin.

  • Optional
    11•3 months ago

    Plot twist: it’s all in play money until someone buys it.

    • enkers
      -2•3 months ago

      All money has been play money since the end of the gold standard in '71. Fiat is just more widely exchangeable for goods and services. ¯⁠\⁠_⁠(⁠ツ⁠)⁠_⁠/⁠¯

      • Zombie-Mantis
        4•3 months ago

        All money has been play money since the end of bartering and establishment of currency. Coinage is just more widely exchangeable for goods and services than my cows, donkeys, goats, and geese. ¯⁠\⁠_⁠(⁠ツ⁠)_⁠/⁠¯

        • enkers
          -3•3 months ago

          I’m not sure what point you’re trying to make.

          At least the gold backed dollar had scarcity and real world uses to back it up, unlike fiat. Sure the price of gold is still kinda speculative, but it provided a much more stable mechanism to prevent runaway inflation.

          I don’t own crypto, but if anything its artificial scarcity does kinda the same thing as gold used to.

  • @Bonesince1997
    5•3 months ago

    I’m rooting for them to fail

    Edit: routing to rooting (oops)

    • TooManyFoods
      3•3 months ago

      I think it’s rooting. Routing is what happens when I’m playing total war and have a group of greatswords envelope my peasant mobs.

      • Zombie-Mantis
        3•3 months ago

        Little do you know, we’ve been encircling big crypto with our own group of great swords ⚔️

      • @Bonesince1997
        1•3 months ago

        Oh shit. Thank you lol. Also, that’s a funny explanation!