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<blockquote style="position: relative; padding-left: 55px;"><section><a href="https://hachyderm.io/users/molly0xfff/statuses/113489679219387623">Molly White (molly0xfff@hachyderm.io)'s status on Saturday, 16-Nov-2024 08:58:00 JST</a><a href="https://hachyderm.io/@molly0xfff" title="molly0xfff@hachyderm.io"><img src="https://gnusocial.jp/avatar/34789-48-20230824095227.webp" width="48" height="48" alt="Molly White" style="position: absolute; left: 0; top: 0;">Molly White</a><div><a href="https://hachyderm.io/@molly0xfff/113489675271007513" rel="in-reply-to">in reply to</a></div></section><article><p>This strategy of betting on the winners was partly to ensure loyal advocates in Congress, but it was also because the crypto industry’s spending was as much a show of force as it was about actually achieving their desired outcomes.</p><p><a href="https://hachyderm.io/tags/crypto" rel="tag">#crypto</a> <a href="https://hachyderm.io/tags/cryptocurrency" rel="tag">#cryptocurrency</a> <a href="https://hachyderm.io/tags/USpolitics" rel="tag">#USpolitics</a> <a href="https://hachyderm.io/tags/USpol" rel="tag">#USpol</a></p></article><footer><a rel="bookmark" href="https://gnusocial.jp/conversation/4008637#notice-7832491">In conversation</a><time datetime="2024-11-16T08:58:00+09:00" title="Saturday, 16-Nov-2024 08:58:00 JST">about 9 days ago</time> <span>from <span><a href="https://hachyderm.io/@molly0xfff/113489679219387623" rel="external" title="Sent from hachyderm.io via ActivityPub">hachyderm.io</a></span></span><a href="https://hachyderm.io/@molly0xfff/113489679219387623">permalink</a><h4>Attachments</h4><ol><li><label><a rel="external" href="https://gnusocial.jp/attachment/3497693">This strategy of betting on the winners was partly to ensure loyal advocates in Congress, but it was also because the crypto industry’s spending was as much a show of force as it was about actually achieving their desired outcomes. They revealed this during the primaries, when they dumped $10 million in opposition spending against Katie Porter in California, $2 million against Jamaal Bowman in New York, and $1.4 million against Cori Bush in Missouri. Although none of these candidates were particularly outspoken against crypto, that wasn’t really the point. Instead, the crypto industry used those races to send a message: fall in line, or we might deploy our millions against you, too. It didn’t really matter if the industry spending directly caused their targets to lose their races, so long as there was a plausible argument that it played a role (in both Bowman and Bush’s races, crypto industry money made up only about 20% of the opposition spending).We can expect the industry to do the same in the future elections: claim responsibility for the outcomes of all the races where they spent money, even if those outcomes were likely not impacted much by crypto industry involvement.</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/489/676/451/975/838/original/900c90856bef65a3.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/489/676/451/975/838/original/900c90856bef65a3.png</a></li><li><label><a rel="external" href="https://gnusocial.jp/attachment/3497694">Given various candidates’ willingness to buy the industry-manufactured myth about blocs of single-issue crypto voters, I worry candidates in future elections may also fall for this story and choose to submit to crypto industry pressures rather than risk millions in opposition spending next time they stand for re-election. And the industry is already scrambling to ensure politicians have no doubts about the wealth crypto PACs might muster against them, refilling the super PAC war chests with another $25 million from Coinbase [I69] and $23 million from Andreessen Horowitz.13</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/489/678/900/873/759/original/8ed358f3a068a16b.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/489/678/900/873/759/original/8ed358f3a068a16b.png</a></li></ol></footer></blockquote>

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Molly White (molly0xfff@hachyderm.io)'s status on Saturday, 16-Nov-2024 08:58:00 JST Molly White
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This strategy of betting on the winners was partly to ensure loyal advocates in Congress, but it was also because the crypto industry’s spending was as much a show of force as it was about actually achieving their desired outcomes.
#crypto #cryptocurrency #USpolitics #USpol
In conversationabout 9 days ago from hachyderm.iopermalink
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1. This strategy of betting on the winners was partly to ensure loyal advocates in Congress, but it was also because the crypto industry’s spending was as much a show of force as it was about actually achieving their desired outcomes. They revealed this during the primaries, when they dumped $10 million in opposition spending against Katie Porter in California, $2 million against Jamaal Bowman in New York, and $1.4 million against Cori Bush in Missouri. Although none of these candidates were particularly outspoken against crypto, that wasn’t really the point. Instead, the crypto industry used those races to send a message: fall in line, or we might deploy our millions against you, too. It didn’t really matter if the industry spending directly caused their targets to lose their races, so long as there was a plausible argument that it played a role (in both Bowman and Bush’s races, crypto industry money made up only about 20% of the opposition spending). We can expect the industry to do the same in the future elections: claim responsibility for the outcomes of all the races where they spent money, even if those outcomes were likely not impacted much by crypto industry involvement.
  https://media.hachyderm.io/media_attachments/files/113/489/676/451/975/838/original/900c90856bef65a3.png
2. Given various candidates’ willingness to buy the industry-manufactured myth about blocs of single-issue crypto voters, I worry candidates in future elections may also fall for this story and choose to submit to crypto industry pressures rather than risk millions in opposition spending next time they stand for re-election. And the industry is already scrambling to ensure politicians have no doubts about the wealth crypto PACs might muster against them, refilling the super PAC war chests with another $25 million from Coinbase [I69] and $23 million from Andreessen Horowitz.13
  https://media.hachyderm.io/media_attachments/files/113/489/678/900/873/759/original/8ed358f3a068a16b.png

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