Crypto is the code name for the US electoral operations
Once upon a time, the value and importance of cryptocurrencies lay in their apparent independence from economic policy trends and government financial cycles.
The rise and fall of cryptocurrency values at many specific points did not have a direct connection to financial and banking crises, although there has been a meaningful relationship between the value of industrial countries’ national currencies and economic crises with the value of cryptocurrencies, especially Bitcoin. Governments’ economic policies towards cryptocurrencies vary, yet the recent approach of the US government, which has been somewhat emulated in many Western countries, has somewhat tightened the space for various investor groups in this field.
Janet Yellen, the US Treasury Secretary, pursued various plans regarding cryptocurrencies, which gradually showed their impact.
Federal officials also imposed strict measures on cryptocurrency trading firms, and in the US Congress, specific factions from both parties took serious steps to regulate this field. Based on these developments, blockchain companies stepped in, and their super PACs have become one of the important sources for campaign funding.
The story of support from not-so-reputable factions in the cryptocurrency arena, with a commitment to a $100 million donation and inviting him to their major conference, was a turning point in these companies’ political activities.
However, a massive super PAC had already formed, supporting its favored factions in both parties in various House and Senate elections.
Interestingly, in two specific cases, this super PAC and crypto companies joined the Israel lobby and, by supporting the opponents of progressive Democratic representatives, defeated these two in the primaries against their party rivals and eliminated them from this year’s elections.
There are diverse political factions and tastes among crypto enthusiasts.
Many of them have minimal demands and expect the government not to intervene seriously in this field.
However, there are specific wealthy groups who want to maximize their use in this field by relying on their influence over people like Trump.
The key point is that J.D. Vance, Trump’s selected vice-presidential candidate, relying on his financial support group, which has a special focus on cryptocurrencies, spent months attracting and gathering financial aid and holding fundraising meetings from notorious wealthy individuals to support Trump’s campaign and his family. Specifically, Trump’s sons became highly interested in this aspect of Vance’s activities and persuaded their father to appoint Vance as the vice-presidential candidate. The main feature and nature of most wealthy investors’ activities in the crypto field remain as we mentioned.
These individuals have different party and political approaches, but in their electoral activities, they only think of their interests. That specific faction of capitalists supporting Vance and Trump follows extreme and racist political and social approaches and has demands beyond expectations in the cryptocurrency arena. With the massive amount of advertising capital that crypto enthusiasts have spent in this year’s elections, this field can no longer be separated from politics.
This year, the large crypto super PAC has entered an important battle, aiming to remove Democratic Senator Sherrod Brown by supporting a Republican candidate for the Ohio Senate seat. Senator Brown is the chairman of the Senate Banking Committee, known for his strict stance on cryptocurrencies.
The outcome of this electoral battle is of great importance for the future political maneuvering of crypto enthusiasts.
