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.
This is embarrassing. Currency should never be an industry in the first place.
That’s part of what they’re lobbying for - to have it treated as a currency and not a commodity.
You may know more about this than I do, but this seems incorrect. The crypto industry relies on trading commodities. If they wanted a digital currency, would they not lobby for a central bank digital currency?
They want the cryptocurrencies that already exist to be treated as currencies instead of as commodities.
They’re lobbying so they can make more money from cryptocurrency. It’s not going to benefit the common folk in any way (unless you believe in trickle down economics).