Crypto and AI Industries Join Forces to Become Major Political Force in 2024
In the wake of FTX CEO Sam Bankman-Fried’s downfall, the cryptocurrency sector has not only bounced back but is now teaming up with the artificial intelligence industry to wield significant political influence in the upcoming 2024 elections. A new alliance on Capitol Hill is reshaping governmental policy around digital currencies and pushing an antiregulatory agenda.
The crypto industry, backed by influential players like Coinbase and Andreessen Horowitz, is pouring millions into political campaigns to support candidates who align with their interests. Super PACs like Fairshake, Protect Progress, and Defend American Jobs are funding candidates who express support for the industry, leading to significant wins in primary elections.
Moreover, dark-money nonprofits like the Cedar Innovation Foundation are running ads targeting lawmakers who are seen as adversaries to the crypto industry, urging supporters to oppose regulatory measures. The industry’s lobbying efforts have intensified, with a focus on key states and influential politicians.
The recent crackdown on major crypto firms by the Biden administration has spurred a renewed push for legislative changes to protect the industry from stringent regulations. Court rulings in favor of crypto companies against the SEC have also bolstered their position, leading to a surge in the value of cryptocurrencies like Bitcoin.
The alliance between the crypto and AI industries is driven by a shared desire for growth and a resistance to regulatory constraints. Tech leaders like Marc Andreessen are leading the charge, advocating for a libertarian approach to governance and actively supporting candidates who align with their vision.
As the 2024 elections approach, the influence of the crypto and AI industries in shaping political discourse and policy decisions is becoming increasingly apparent. With significant financial backing and strategic alliances, these industries are poised to become major players in the political landscape.