Jacobin Radio Long Reads: The Crypto Scam Goes Mainstream w/ Ramaa Vasudevan
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Jul 25, 2025 Ramaa Vasudevan, an economist at Colorado State University and an expert in crypto capitalism, dives deep into the mainstreaming of cryptocurrency. She discusses the growing ties between Congress and the crypto industry, emphasizing the impacts of lobbying and financial contributions. The conversation also covers the risks of a proposed Bitcoin reserve and the volatile landscape of the crypto market. Vasudevan highlights how cryptocurrency is reshaping global finance and examines the interconnected influences of technology, finance, and government in this new economic order.
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2024 Crypto Boom and Wall Street Entry
- 2024 marked a milestone with Bitcoin surging past $60,000 despite previous scandals and regulatory crackdowns.
- Mainstream approval of Bitcoin ETFs by major banks triggered a surge and increased Wall Street's involvement in crypto.
Crypto's Massive Growth and Centralization
- Crypto market capitalization soared from $1.1 trillion in late 2023 to over $3 trillion in late 2024.
- Cryptos are deeply centralized despite promises of decentralization, dominated by exchanges and big players like Coinbase and Binance.
Crypto Lobby's Electoral Influence Rises
- Crypto lobby spending exploded to $133 million in 2024 to influence US elections across party lines.
- They target politicians from both parties, reshaping legislation to favor light crypto regulation.