Crypto's $130 million congressional election binge has candidates like Utah's John Curtis poised for big wins
In running to take Mitt Romney's Senate seat, Republican John Curtis has benefited by being a friend to the crypto industry.
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As the midterm elections draw near, the cryptocurrency industry is making a significant impact on the political landscape by backing candidates who are friendly to its interests. One of the most notable beneficiaries of this support is Utah Senate candidate John Curtis, a Republican congressman who is running to fill the seat being vacated by Mitt Romney. Curtis has gained the favor of the crypto industry due to his pro-crypto stance and willingness to listen to industry leaders.
As the midterm elections draw near, the cryptocurrency industry is making a significant impact on the political landscape by backing candidates who are friendly to its interests. One of the most notable beneficiaries of this support is Utah Senate candidate John Curtis, a Republican congressman who is running to fill the seat being vacated by Mitt Romney. Curtis has gained the favor of the crypto industry due to his pro-crypto stance and willingness to listen to industry leaders.
At a recent event in Salt Lake City, Curtis spoke to a crowd of crypto enthusiasts about the importance of understanding the technology and its potential applications. He shared a personal anecdote about a conversation he had with fellow lawmakers about Internet service providers and how to incentivize them to improve their offerings. However, when he asked whether they had ever run a speed test, he was met with puzzled responses. This experience has given him a unique perspective on the importance of government involvement in the crypto space.
Curtis' pro-crypto stance has earned him significant financial support from the industry. The Defend American jobs PAC, a single-issue committee focused on cryptocurrency and blockchain policy, has contributed over $1.9 million to his campaign, according to Federal election commission data. This is just one example of the crypto industry's financial backing, which has also targeted other candidates across the country who are publicly adopting a pro-crypto policy within their campaigns.
The crypto industry's financial muscle is not limited to Utah. It has also spent over $130 million in congressional races across the country, including the primaries. The industry is targeting competitive Senate and House races in Arizona, Michigan, Indiana, West Virginia, and Massachusetts, among other states. One of the biggest targets is Ohio Democratic Sen. Sherrod Brown, the chair of the banking committee, who is a strong critic of the industry. The industry has directed over $40 million towards defeating Brown, who is currently in a close race that will determine which party will control the Senate.
The crypto industry is not just focused on battleground districts, but is also supporting lawmakers who embrace regulation that favors the technology rather than getting in its way. When asked about the industry's efforts, House Majority Whip Rep. Tom Emmer (R-Minn.) said, "When we talk about digital assets, when we talk about crypto, that is not about Republicans and Democrats. That's about Americans, that's about decentralization of a system that has been, literally, consolidated at the tOP."
As the midterm elections approach, it remains to be seen how much of an impact the crypto industry's financial backing will have on the outcome of races. However, one thing is clear: the industry is flexing its financial muscle and is determined to have a say in the outcome of the election.
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