Crypto’s Role in the 2024 Election
Cryptocurrency stepped into the political world in 2024. Blockchain companies spent large amounts of money to shape elections. Ripple and other firms backed candidates who supported clear rules for crypto. The stakes were big, and the industry made sure its voice was heard.
Ripple CEO Brad Garlinghouse said, “We don’t want no rules. We just want clear ones.” Critics, however, said the money was a way to buy power, not earn it.
Big Spending and Political Ads
In Ohio, Republican Bernie Moreno won with the help of $40 million from a crypto-backed Super PAC. This funding helped him beat Democrat Sherrod Brown, who often spoke against digital coins. The ads didn’t mention crypto but were funded by its supporters.
Ripple and two other firms helped start Fairshake, a group that backed candidates who were friendly to the crypto world. By Election Day, one-third of corporate money given to Super PACs came from blockchain companies. Some called it a smart strategy. Others saw it as unfair influence.
Fighting With the SEC
For years, the SEC has argued with crypto companies. Ripple is in a legal fight over its XRP token. The SEC says it’s a type of stock that should follow special rules. Ripple says it’s just a coin and doesn’t need the same oversight.
Donald Trump’s return as president brought changes. Once a critic, Trump now supports crypto. He even tied his campaign to a digital coin, which raised questions about conflicts of interest. Supporters said it showed crypto’s growing importance.
New Rules for Crypto?
The FIT 21 bill, passed in the House, aims to give oversight of digital coins to a different agency, the CFTC. Crypto companies like the idea because it might lead to fewer legal battles. Supporters say the bill would make things clear for investors and firms. Critics worry it could allow more fraud.
The Senate still needs to approve the bill. Many are unsure if it will pass. Ripple’s CEO says the bill is key to keeping the industry in the U.S. rather than pushing it overseas.
A Decentralized Idea, Centralized Actions
Crypto was built to give power to people, not big groups. But in politics, it now relies on tools like lobbying and Super PACs. This shift bothers some early supporters who value the idea of decentralization.
Still, many in the industry see it as necessary. They argue that without laws, crypto can’t grow safely. Others worry that the industry is losing its original purpose.
Blurring the Line Between Old and New
People are still split on crypto. Some think it’s risky and not worth trusting. Others see it as a way to fix the problems of traditional banks. Jamie Dimon, a big banker, once mocked Bitcoin but now offers crypto services through his bank. ETFs tied to Bitcoin are also growing fast.
As the line between old money and new tech fades, the risks remain. Some warn of instability. Others say the chance for change is worth it.
What’s Next?
Crypto’s push into politics wasn’t small. It showed how much power the industry has gained. But big questions remain. Can the government write rules and clear regulations that allow for both growth and safety? And can crypto stay true to its roots while working within traditional systems?
What’s clear is this: cryptocurrency has changed the game. And it’s not going away.
Disclaimer:
This article is for informational purposes only and does not constitute financial, legal, or professional advice. The information provided is based on current knowledge and understanding, and while we strive for accuracy, we make no guarantees regarding its completeness or applicability. Parler assumes no responsibility for any actions taken based on this information. For specific advice, please consult a qualified professional.
Sources: https://www.barrons.com/articles/xrp-price-news-bitcoin-trump-sec-ad833f7e?utm_source=chatgpt.com
