Coin World reports:
With the support of both parties, a new wave of cryptocurrency-friendly candidates will enter the next Congress. These legislators include Democrats who advocate for financial inclusion and Republicans who promote economic freedom through cryptocurrency. However, this shift may receive support worth millions of dollars.
The cryptocurrency industry’s $160 million political spending spree by companies and executives has pushed their interests into mainstream political discourse. This has enabled them to build a powerful lobbying force in the upcoming US elections.
Who are the most cryptocurrency-friendly members of Congress?
According to a report, as many as 13 new cryptocurrency-friendly candidates are expected to secure seats in the House of Representatives next year. Financial support is coming from super PACs committed to promoting allies and countering critics.
In Senate races, familiar faces like Adam Schiff (Democrat from California) and John Curtis (Republican from Utah) are expected to win their campaigns. Key battleground states are also seeing a surge in Republican cryptocurrency supporters.
Regardless of who wins the presidency, the 2024 elections could produce the most cryptocurrency-friendly Congress in history. This could ultimately pave the way for the industry to eliminate long-standing regulatory barriers.
While Bitcoin has failed to recover to the anticipated $70,000 level, the cryptocurrency market is witnessing bullish sentiment. The price of BTC has increased by almost 59% year-on-year. As of the time of writing, the average price of Bitcoin is around $67,158. On Wednesday morning, the total market capitalization of digital assets stood at $2.31 trillion.
A new class of pro-crypto Democrats
A report mentions that a large group of new legislators are receiving $31.5 million in spending from super PACs. The top targets for House Democrats include Shomari Figures (Alabama) with $2.6 million, Representative Don Davis (North Carolina) with $2.2 million, Yadira Caraveo (Colorado) with $2 million, Pat Ryan (New York) with $1.9 million, Mary Peltola (Alaska) with $1.9 million, Steven Horsford (Nevada) with $1.8 million, Emily Randall (Washington) with $1.4 million, Yassamin Ansari (Arizona) with $1.3 million, and Shri Thanedar (Michigan) with $1 million.
With this investment, it is estimated that around nine new Democrats could secure seats in the House. This could lead to significant legislative discussions on digital assets.
The cryptocurrency super PAC Protect Progress reportedly spent $2.6 million on Shomari Figures. Although he has ties to the Biden administration, he is pushing for a pro-crypto agenda focused on innovation and reasonable regulation.
Protect Progress also invested $1.4 million in Emily Randall. She is a state senator and is expected to become the first openly LGBTQ+ Latinx member of Congress after a successful primary against Hillary Franz.
