The Crypto Industry’s Favorite Congressman
In a bid to win the Senate seat held by departing Mitt Romney, Republican congressman John Curtis from Utah has gained favor with the crypto industry. Curtis’ attitude towards crypto regulation has earned him significant financial backing from digital coin enthusiasts.
A Telecom Background
Curtis’ journey to becoming a crypto-friendly congressman began in the telecommunications sector. At an event in Salt Lake City, Curtis shared a story about a conversation he had with fellow House members about internet service providers. He realized that lawmakers needed to be smarter about regulations and understand the user experience, particularly in crypto.
The Importance of Regulation
Curtis emphasized the importance of getting government involved in crypto regulation. “If they don’t understand what you’re doing, they’ll make really bad decisions,” he said. The crypto industry has been supportive of Curtis’ campaign, with the Defend American Jobs PAC contributing over $1.9 million.
A Pro-Crypto Policy
Curtis’ pro-crypto policy has been welcomed by the digital asset industry. His campaign spokesman stated that Curtis has always been a strong supporter of the crypto industry, recognizing its potential to help Utah’s economy grow and create jobs.
The Crypto Industry’s Influence
The crypto industry has been increasingly influential in congressional races, with crypto-backed super PACs supporting 42 primary candidates. Of those, 36 were successful. Crypto groups have spent over $130 million in congressional races this year, outpacing big banks and oil.
A Bipartisan Issue
The crypto industry’s influence is not limited to one party. Venture firm Andreessen Horowitz found that over 40 million Americans hold crypto, with 51% indicating they are likely to support crypto-friendly candidates. The issue is seen as bipartisan, with lawmakers on both sides recognizing the need for regulation that favors the technology.
Targeting Competitive Races
Crypto PACs have been targeting competitive Senate and House races across the US. Protect Progress has given over $10 million to Senate candidates in Arizona and Michigan, while Defend American Jobs has contributed over $3 million to Republican candidates in Indiana and West Virginia.
A Key Target: Ohio Democratic Sen. Sherrod Brown
One key target for the crypto industry is Ohio Democratic Sen. Sherrod Brown, chair of the banking committee. Over $40 million in crypto money has been directed at defeating Brown, with one PAC paying for five ads to boost awareness of his Republican rival.
The Future of Crypto Regulation
As the crypto industry continues to grow and influence congressional races, the future of crypto regulation remains uncertain. One thing is clear: lawmakers who embrace regulation that favors the technology will have the support of the crypto industry. As 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.”
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