Tech Won't Save Us Crypto Is Spending Millions to Sway the US Election w/ Molly White
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Aug 22, 2024 
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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Voting Records Drive Crypto Support Decisions
- The industry evaluates incumbents by votes on specific crypto-related measures like FIT21 and the SAB 121 overturn attempt.
- Donations are often tied to whether a politician backed pro-crypto bills in Congress.
Exchanges Withstand Crashes And Finance Politics
- Despite crashes, major crypto platforms retained revenue and now bankroll political influence.
- Exchanges like Coinbase continued fee revenue and can spend tens of millions to protect business models viewed as existentially threatened by regulation.
Coinbase Contribution During Federal Contract Talks
- Coinbase donated roughly $50 million to Fairshake and made a $25 million contribution during contract negotiations.
- Molly discovered Coinbase was awarded a US Marshals crypto custody contract while contributing, prompting a Public Citizen FEC complaint.