The impact the crypto industry has had in the ongoing campaign for the 2024 US election is nothing short of unbelievable. Only a few years ago, the crypto industry was as small as it gets but now it has grown so huge, that it’s deciding who gets to be US president. 

It’s also well known that neither Harris nor Trump was exactly crypto-friendly in the past. Only a few years back, Donald Trump himself publicly said crypto “seems like a scam”, and now he’s not just building his crypto project; he came out to say that he intends to turn the US into the world’s “crypto capital”. 

Kamala’s current administration as Vice President is also regarded as largely anti-crypto, especially with Gary Gensler’s SEC churning out many unfavourable policies for the crypto space. But now, she has also shown her support for the industry and has promised to build a “safer business environment” around crypto.

Somehow, both candidates have made a complete u-turn and have embraced crypto in their campaigns. But the question is, why? For crypto voters? Reports show that fewer than 1 in 5 Americans own or trade crypto. Most Americans also say they don’t like crypto because they don’t trust it. So, if it’s not crypto voters, what is it?

We might find a better answer in crypto sponsorship. As it stands, the crypto industry is the single largest corporate donor to all federal 2024 elections, not just the presidential one. The industry’s “Fairshake” Super PAC has already influenced the outcome of many elections, supporting and attacking different candidates based on their outlook towards the industry. 

Jamaal Bowman and Katie Porter have already felt the full force of the industry. The crypto industry turned its back on the two Democratic Reps, successfully targeting them in the House primaries for Jamaal and Senate primaries for Katie.

Other politicians, such as Republican Reps Michelle Steel, Mike Garcia, and Young Kim in Southern California, are on the good side of the industry, as they have received support in the form of millions in crypto money in their campaigns. 

It is no surprise, however, that the crypto industry is taking political matters into their own hands. The United States has been called one “of the most active enforcers of penalties and legal actions against crypto companies”. While Gary Gensler’s SEC has brought over 100 enforcement actions against the crypto sector, the Department of Justice has done its part in locking up some of crypto’s biggest, such as Bankman-Fried and Changpeng Zhao.

With such records and an obvious agenda against the industry, crypto advocates seem to have taken up their case and are looking to empower only folks who will, in turn, reinforce the industry when they get into office. It’s a scratch my back, and I’ll scratch yours deal. The deal is especially sweetened when the scratching involves funding money, lots of it.

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