WASHINGTON (NEXSTAR) — Pro-cryptocurrency money is pouring into the 2024 election, with the industry having spent more than $119 million this cycle according to the watchdog group Public Citizen.
More than 50 million Americans are estimated to own the digital money, not backed by government or banks.
“Crypto is a really important election issue,” Rep. Wiley Nickel (D-N.C.) said.
While American University Washington College of Law Professor Hilary Allen disagrees.
“Honestly I don’t think this is an issue that’s on many voters’ minds at all,” Allen said.
But it is an issue seeing a lot of money, which could lead to a more pro-crypto Capitol Hill.
“This is really a tool for financial inclusion,” Nickel said.
Candidates for the White House are also courting the crypto vote.
Former President Donald Trump told a Bitcoin conference in July he’d make the U.S. “the crypto capital of the planet.”
And in a break from the current administration’s crackdown on the industry, Vice President Kamala Harris has signaled support for crypto.
“If there is a Trump win, I think we will see very crypto friendly policy. I think if there’s a Harris win, I think it’ll really come down to who gets key positions in the administration,” Allen said.
Allen says much of the pro-crypto rhetoric ignores the risks.
“If you want to gamble, I guess that’s fine, but you should be aware that’s what you’re doing,” Allen said.
Allen says when it comes to casting your ballot:
“What you should be thinking about is where is this money coming from,” Allen said. “Think about who the candidates are and what they can do for you on the issues that you actually do care about.”
