Recent votes surfaced household names like Chuck Schumer and Nancy Pelosi as unexpected allies.
Crypto’s week in Washington illustrated a true "high watermark," as House Financial Services Chair Patrick McHenry, an industry ally, repeatedly dubbed it. | Francis Chung/POLITICOCryptocurrency is used by a fraction of the American electorate. But it’s starting to have an outsize impact on U.S. politics and policy.
Republicans who were already aligning themselves with the crypto world are leaning into the embrace even further. Former President Donald Trump is increasingly pledging to support the interests of digital asset traders, and he’s starting to accept campaign contributions in crypto.“It’s a huge moment for the crypto industry in the United States,” said David McIntosh, a former Republican lawmaker who leads the crypto-friendly conservative group Club for Growth.
“I feel like I did this before the 2008 crash,” Sen. Elizabeth Warren said. “I kept saying that failure to regulate a multibillion-dollar industry will not end well. I still feel that way.” | Francis Chung/POLITICO The crypto fight could endanger Democrats’ narrow Senate majority. Industry-backed super PACs that entered the year with more than $80 million are threatening to spend in the pivotal Senate races in Ohio and Montana, where Sens.The super PACs have already shaken up an array of races.
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