Deliberations over membership on the House Financial Services Committee have spurred some private discussions over the influence of pro-crypto forces that invested so much money toward cultivating allies in Congress.
Crypto-funded super PACs flooded the midterms with millions of dollars in campaign spending. Now some of their preferred candidates could play a crucial role in setting policy that will determine the future of the industry.
“I would hope that in choosing members of the Financial Services Committee … House leadership would not select people who had received million-dollar independent expenditures on their behalf by anyone in the crypto industry,” said Rep., a longtime Financial Services member, though he noted there are some exceptions. “There are plenty of other committees to serve on. Once you start talking a million bucks of IEs, you’re talking real money.
A former state representative, Crockett ran in a crowded 2022 primary where two crypto-aligned groups — Protect Our Future, which was primarily funded by Bankman-Fried, and Web3 Forward, which received funding from Bankman-Fried and other crypto magnates — boosted her far beyond other Democrats in a March primary and a May runoff victory, which was tantamount to winning the general election in a deep-blue open seat.
And even California’s Sherman, a prominent crypto critic, said he was “comfortable” with Crockett joining the committee because he believed she would have won her primary without the crypto-funded super PAC help.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Texas Lege Preview: Are School Vouchers a Shoo-In?House Dems (and rural Republicans) are ready to rally for public education. Will it be enough?
Read more »
Coinbase Exec on 2023 Global Crypto Policy Outlook Amid Crypto WinterTom Duff Gordon, Coinbase Vice President of International Policy, discusses the outlook for crypto in 2023 amid uncertainty in the markets on the heels of a recent layoff announcement for the crypto exchange. Plus, insights into Coinbase's expansion plans in Europe and the need for greater regulatory clarity.
Read more »
White House slams House GOP's 'hypocritical' investigations into Biden's retention of classified recordsEXCLUSIVE: The White House on Monday blasted House Republicans for launching “hypocritical” investigations into President Biden’s improper retention of classified records.
Read more »
White House picks fight with Kevin McCarthy over House speaker dealThe White House is pressing House Speaker Kevin McCarthy (R-Calif.) to publicize the terms of the deal with right-wing lawmakers that secured him the speaker’s gavel.
Read more »
White House poking into McCarthy House speaker dealThe White House is asking House Speaker Kevin McCarthy (R-CA) to divulge the details of the deals with right-wing lawmakers that allowed him to secure his leadership position after 15 rounds of voting.
Read more »