How the Crypto Industry Wants to Sway US Politics

For the past few months, the noose has been tightening on the cryptocurrency industry. While the European Union is preparing to adopt two directives widely criticized by professionals, the United States also wants to take action.

Thus, Jerome Powell, the chairman of the American Federal Reserve (FED), called for the establishment of ” legislative action on digital finance, including cryptocurrencies “. He adds that a new regulatory framework is needed in order to ” to prevent these unbacked cryptocurrencies from being used as a vehicle for terrorist financing and general criminal behavior, tax evasion and the like “.

An investment that is anything but disinterested

In the hot seat, the crypto industry is organizing in order to exert all its weight on American national politics. Thus, OpenSecrets noted that candidates supported by wealthy investors have already achieved great success in the primaries for the midterm elections to be held next November.

Among the many examples cited by our colleagues fromAxios, we note in particular this fundraiser organized last January by the Silicon Valley billionaire, Peter Thiel in favor of Harriet Hageman, at which many businessmen linked to the crypto industry were present. Thiel, himself very invested in this sector, paid 10 million dollars to support JD Vance, who won the Republican primary for the position of senator from Ohio.

Republicans are not the only ones to benefit from these offerings and OpenSecrets cites the example of Democrats who are favored by cryptocurrency headliners.

If the politicians do not shy away from their pleasure at the idea of ​​seeing these generous donations abound in their campaign accounts, we can of course estimate that these gifts are clearly not disinterested and that the professionals expect a return on investment when it is question of regulating their affairs.