Well , election night is over and everything sucks . Not only is Donald Trump go to be President again , but a whole bunch of political candidates funded by the odious crypto industry have been elected to office .
The crypto industriousness spent aninsane amount of moneyon political races this year . Their financial contributions dwarfed those of the Kochs . They outspent the tobacco diligence . In fact , they spent more money on candidates than any other individual industry , with the sole elision of the fogey fuel industry . Now , it would look that all that money has bribe them exactly what they desire : a gang of civil servant who are beholden to their interests .
The New York Timesreports thatcrypto - funded political candidates had a fop of victories on Tuesday nighttime . The newspaper cites a pro - crypto website , stomach with Crypto , which find that“253 pro - crypto candidates had been elect to the House of Representatives on Tuesday , compare with 115 anti - crypto candidates . In the Senate , 16 pro - crypto candidate and 12 anti - crypto candidates were elected . ”
© Clint Spaulding/Penske Media via Getty Images
One of the most watched political races that conk out crypto ’s path was the U.S. Senate backwash for Ohio ’s 13th district . There , longtime incumbent continuous tense Sherrod Brown was kill by a crypto - fund challenger , Republican candidate Bernie Moreno . Brown , who has long been referred to as one of America ’s last reform-minded populist , endanger the crypto industry with coarse oversight . His placement as the professorship of the Senate Banking Committee spook prominent digital asset holder . Crypto bros said he had to go and , now , away he will go .
One of the most prominent organizations behind the crypto lobbying push button , the tiptop PAC Fairshake , has pick funding from many prominent crypto companies , including Ripple , Coinbase , and the crypto - addled VC , Andreessen Horowitz . In August , the advocacy mathematical group Public Citizenwrote , of the chemical group :
“ Fairshake ’s corporate backing is unprecedented . Though limitless corporate share have been enabled since 2010 by Citizens United , this newcomer is already second only to the topnotch PAC dedicated to electing Republicans to the U.S. Senate in terms of corporate money received . ”
The total amount spent by Fairshake and its attached brass ? A banging $ 135 million .
In August , a prominent billionaire , Ron Conway , issaid to have draw his support from Fairshakeover its bid to oust Brown , calling the group ’s proponents too “ stupid ” and “ selfish ” to forge with . Still , whether it ’s people with covetous idiots or not , the organisation prevail in its agenda , unseating Brown and a legion of other Democrats that had been vital of its industry . Money can grease one’s palms pretty much anything , including your pet Senator .
Crypto ’s liberal stans are now riding in high spirits . The pathetic , crypto - jazz Winklevoss twins — who work the crypto exchange Gemini — are happy as clams . On Wednesday good morning , Tyler Winklevosstweeted : “ Crypto just became a bipartisan outlet overnight . Well done crypto army . ” Cameron Winklevoss , meanwhile , twirp : “ gm @GaryGensler — you ’re fired ! ” He was reference the top dog of the Securities and Exchange Commission , a much - maligned fig in the web3 world , due to his modest proposal of regulatory scrutiny for the manufacture .
For the past few years , the perception has been that the crypto industry was experiencing a make - or - break moment . After a brief period of cultural ascendancy , high - profile scandals like the FTX implosion rocked the rising industry and goad increase regulative scrutiny ( largely brought by Democrats ) . The experiential stakes of this election cycle clearly spur crypto companies to pass so extortionately on political races . Nauseatingly , it has paid off .
CryptocurrencyFairshakeMarc Andreessen
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