The cryptocurrency industry has amassed a historically large war chest of $119 million through its super PAC, Fairshake, primarily from corporate crypto donors. However, counterintuitively, little, if any, of this sum will be spent on the presidential clash between Vice President Kamala Harris and former President Donald Trump.

Instead, the industry is focusing its efforts and resources on "down-ballot" contests, i.e., races for seats in the US Senate and House of Representatives, particularly those that pit a crypto supporter against a traditional crypto skeptic.

Ripple, one of Fairshake's largest donors, believes that these down-ballot races are crucial for the future of crypto in the United States. As Lauren Belive, Ripple's head of US policy, explains, the industry's focus is on shaping the composition of Congress, which will have a significant impact on the regulatory landscape for cryptocurrency.

The industry's strategy reflects the recognition that the congressional elections in 2024 will be critical for crypto's future in the US. The outcome of these races could determine the direction of crypto-related legislation and regulation, which will have far-reaching consequences for the industry's growth and development.

Source: https://cointelegraph.com/news/congressional-elections-critical-for-crypto-s-future-in-the-us

The information provided in this article is for informational and educational purposes only, based on news and sources gathered from the internet. This content should not be considered as investment advice, financial guidance, or a suggestion to buy or sell any digital assets. Before making any financial decisions, we recommend consulting with a professional financial advisor and conducting your own research. The author and the blog are not responsible for any losses or damages that may arise from using this content.