Cryptocurrency is the key to the US election operations.
Once upon a time, the value and importance of cryptocurrencies lay in their apparent independence from the economic policy trends and financial cycles of governments.
The fluctuation of cryptocurrency values in many specific periods did not have a direct connection with financial and banking crises, although there was a significant relationship between the value of national currencies of industrialized countries and economic crises with the value of cryptocurrencies, especially Bitcoin. The economic policies of governments towards cryptocurrencies differ, and yet the specific approach of the US government in recent years, which has been more or less imitated in many Western countries, has somewhat narrowed the field for various groups of investors in this area.
US Treasury Secretary Janet Yellen pursued various schemes regarding cryptocurrencies, which had a noticeable impact.
Federal authorities also tightened regulations on cryptocurrency trading firms, and in the US Congress, specific factions of both parties took serious steps to legalize this field. It was based on these developments that blockchain companies entered the scene, and their super PACs have become a significant source of campaign funding.
The story of the support of not-so-popular spectrums in the cryptocurrency arena with a commitment to a hundred million dollar aid and their invitation to their grand summit marked a turning point in the political activities of these companies.
However, a massive super PAC has already taken shape, supporting their favored spectrums in both parties in various congressional and senate elections.
Interestingly, in two specific cases, this super PAC and crypto companies joined the pro-Israel lobby and supported Democratic Progressive candidates, defeating their intra-party rivals in the preliminary elections and eliminating them from this year’s elections.
There are various political spectrums and tastes among crypto enthusiasts.
The demands of many of them are minimal, expecting little government interference in this area.
However, there are specific groups of wealthy individuals who want to maximize their influence by using their resources on figures like Trump in this field.
The key point is that JD Vance, a deputy chosen by Trump, spent months focusing on his financial support group, which includes a special focus on cryptocurrency activities, to attract financial assistance and hold fundraising meetings with wealthy donors to support the Trump campaign and his family. In particular, Trump’s sons became very interested in this aspect of Vance’s activities and persuaded their father to appoint Vance as the deputy candidate. The main characteristic and nature of the activities of the majority of wealthy investors in the cryptocurrency field is as we mentioned.
They have different party and political approaches, but in their election activities, they only consider their own interests. This specific spectrum of supporters of Vance and Trump follow characteristics and political and social approaches, especially extremist and racist ideologies, and have demands beyond expectations in the field of cryptocurrencies. With the huge amount of advertising capital that crypto investors have spent in this year’s elections, this field can no longer be separated from politics.
The Super PAC of cryptocurrency barons has entered a significant battle this year, targeting Democratic Senator Sherrod Brown for removal by supporting the Republican candidate for the Ohio Senate seat. Senator Brown is the chairman of the Senate Banking Committee and is known for his strict stance on cryptocurrencies.
The outcome of this electoral battle holds great importance for the future of cryptocurrency players in politics.
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