The crypto industry spent $197m on the US election

By Santul Nerkar – Financial Review

The cryptocurrency industry treated the 2024 US election as a pivotal moment for its future. So it spent more than $US130 million ($A197 million) to back political candidates who supported softer regulations on crypto.

On Tuesday, that investment paid off: More than 265 candidates for the House of Representatives who backed crypto were elected, compared with 120 anti-crypto candidates who won, according to a tracker run by the industry group Stand With Crypto. In the Senate, 18 pro-crypto candidates prevailed, compared with 12 anti-crypto candidates.