© Reuters. FILE PHOTO: Representations of cryptocurrencies in this illustration taken January 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
By Stephanie Kelly
NEW YORK (Reuters) – The cryptocurrency industry, a new financial force in the 2024 U.S. election cycle, is polling congressional candidates on their views on the digital asset, as the political arm of the movement gains dozens of thousands more followers and adds to his war chest.
The survey by Stand With Crypto Alliance, an advocacy group that aims to organize voters who own cryptocurrencies and influence public opinion, is a way for a young industry like crypto to participate in political activities rather than commercial organizations. said Olivia Buckley of OpenSecrets. , a research group that tracks money in American politics.
Ultimately, candidates who answer the survey in a way that the industry views as positive may see support from groups that want to boost cryptocurrency-friendly candidates.
Pro-cryptocurrency nonprofits have appeared in greater numbers in recent years, Buckley said.
“Crypto regulation at the federal level remains highly controversial and murky, so seeing which candidates can garner industry support could be an eye-opener for what's to come in Congress,” he added.
According to Stand With Crypto, more than a dozen candidates have already completed the survey, including those from California, Alabama, Texas, Indiana and Maryland, although the group declined to provide names.
It plans to take the survey to candidates in the 468 congressional seats up for election in November, the group told Reuters.
“It is up to cryptocurrency advocates and the crypto community to understand where their policymakers, elected officials, and federal election candidates stand on the issue,” said Nick Carr, chief strategist at Stand With Crypto.
The poll, seen by Reuters, asks questions such as whether a candidate believes cryptocurrencies will play an important role in technological innovation, and whether a candidate believes it is important for the United States to modernize the regulatory environment for cryptocurrencies.
It also asks whether a candidate would vote for certain legislation, such as a bill introduced in the House of Representatives last year that would establish a regulatory framework for digital assets.
Stand With Crypto's membership has grown to 370,000 as of Wednesday, up from 315,000 just before the Super Tuesday contests on March 5, according to its website. The group was launched in part by Coinbase (NASDAQ:), an online platform for buying and selling cryptocurrencies.
Pro-cryptocurrency candidates are already receiving support from three new super PACs (Fairshake, Defend American Jobs and Protect Progress) that are pouring millions of dollars into the Super Tuesday races.
Combined, the three super PACs have spent more than $21 million on independent expenditures this election cycle, according to OpenSecrets.
