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Tech Won't Save Us
Crypto Is Spending Millions to Sway the US Election w/ Molly White
Aug 22, 2024
57:35
Snipd AI
Molly White, writer of the Citation Needed newsletter and creator of Web3 Is Going Just Great, joins to discuss the crypto industry's hefty political spending ahead of the elections. She reveals how Super PACs like Fairshake are influencing campaign financing, particularly targeting candidates opposed to crypto regulation. White highlights Coinbase's potential election law violations and the industry's mixed contributions to parties. The conversation also touches on the crypto market's struggles and how it adapts to a shifting political landscape.
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Quick takeaways
- The cryptocurrency industry is investing millions in campaign finance to influence regulations amid growing skepticism from the public and lawmakers.
- A bipartisan strategy has emerged within the crypto industry, targeting both Democratic and Republican candidates to secure favorable legislation.
Deep dives
Stagnation in the Crypto Industry
The current state of the cryptocurrency industry reflects a period of stagnation following the previous boom and bust cycle. Many individuals still remember the fallout from events like the FTX scandal and are skeptical about the promises made during the peak of crypto interest, which included celebrities endorsing projects and companies claiming to transition to blockchain technologies. As a result, there is a hesitance to invest, and public enthusiasm has waned significantly, contributing to a lack of new money entering the market. This stagnation is evident as key players in the industry, despite their lobbying efforts, face challenges in reigniting that initial excitement around cryptocurrencies.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode