“Crypto has spent a record $119 million in the 2024 federal elections, magnitudes more than it has ever spent before. This huge number means that crypto accounts for almost half of all corporate political contributions in this cycle. Its spending since 2010, totaling $129 million, puts the industry second only to fossil fuels, according to a report from the progressive consumer advocacy group Public Citizen.
“It’s already 15 percent of all known corporate contributions since the Citizens United ruling,” says Rick Claypool, a research director at Public Citizen who authored the report on crypto election spending, referring to the landmark 2010 Supreme Court decision that opened the floodgates for virtually unlimited corporate spending in elections through outside groups.
Crypto’s ballooning political war chest and voracious appetite to dangle money in front of lawmakers speaks to the power it has amassed over the past decade and a half, even as it has struggled to gain any real traction with the public.
Three-quarters of Americans who’ve heard of crypto aren’t confident in its safety and reliability, a 2023 Pew Research survey found, and only 7 percent of Americans used crypto last year, according to the Federal Reserve. Crypto’s reputation suffered in particular from the controversy surrounding crypto companies in the last few years, especially the catastrophic meltdown of FTX. Though the first cryptocurrency was launched in 2009, it still hasn’t penetrated as a mainstream payment method, with very few retailers allowing customers to pay directly with cryptocurrency. It remains mostly a vehicle for speculative investment.
Despite that — or because of it — crypto companies have redoubled their efforts to help elect pro-crypto politicians and lobby for policies that would boost the sector’s growth. The industry wants the influx of money it’s spending to send the clear message that the crypto craze isn’t over — and in fact, isn’t a craze at all, but the lasting future of finance. “Crypto is here to stay,” Paul Grewal, Coinbase’s chief legal officer, recently wrote in public comments regarding regulation.
The sector’s most strident champions want you to believe that it’s a key issue for voters in the upcoming election, right next to inflation and health care. The industry is shouting from the rooftops that politicians can’t ignore crypto — and trying its hardest to make sure we won’t be able to either.”
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“After a rough few years of being walloped by scandals and government crackdowns, crypto is facing an existential crisis. There are already some patchwork regulations governing the world of digital currencies, but one key issue remains hotly debated: Which government agency should oversee them?
In the US, securities like stocks and bonds have to be registered with the Securities and Exchange Commission (SEC), which comes with a host of disclosure requirements and other rules to protect investors.
As far as the SEC is concerned, the law already puts most cryptocurrencies squarely under its purview, and the agency has been aggressively pursuing enforcement against crypto exchanges like Coinbase and Binance, alleging that they’re running unregistered securities exchanges. But the crypto industry doesn’t want to be regulated by the SEC — it wants to fall under the Commodity Futures Trading Commission (CFTC) instead.
“The CFTC is a much smaller agency with far fewer resources,” says Molly White, a crypto researcher and critic who has been tracking the industry’s political spending.”
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“One major change this election cycle is how much more visible and vocal the Trump-supporting faction of crypto proponents has become. Cameron and Tyler Winklevoss, who founded the crypto exchange Gemini, tried to donate roughly $1 million worth of bitcoin each directly to the Trump campaign, apparently unaware it would exceed the FEC contribution limit. Venture capitalists Marc Andreessen and Ben Horowitz have both affirmed that they’re joining Team Trump too. Other backers include Jesse Powell, co-founder of the crypto exchange Kraken, and Charles Hoskinson, co-founder of the ethereum blockchain.
It’s worth noting that when Bankman-Fried was still the biggest face of crypto, he was known as a Democratic megadonor. We only found out later that he’d contributed roughly the same amount to Republicans through dark money groups.
Trump, for his part, was a harsh crypto critic in the past, but has recently done a 180, saying he would end Biden’s “war on crypto,” and that he would fire Gensler, the SEC chair. He even recently announced a family crypto project, run by the Trump Organization, called The DeFiant Ones — a play on “decentralized finance” — that would, according to Trump, help Americans who have been “squeezed by the big banks and financial elites.”
But crypto’s partisan inclinations are more complicated than simply supporting Republicans.
The industry’s spending is funneled mostly through the pro-crypto super PAC Fairshake, which has already spent $93.8 million this election cycle and is the second best-funded super PAC in the election, after Trump-backing Make America Great Again Inc. Fairshake’s backers include Coinbase, which has contributed a total of $50 million to the 2024 elections so far, and Ripple, a blockchain payment network that spent $49 million. (Both Coinbase and Ripple have faced SEC lawsuits.) Venture capital firm Andreessen Horowitz has also contributed $47 million to Fairshake.
Fairshake largely focuses on House and Senate races, and has been largely nonpartisan, supporting and opposing politicians of both parties based on their crypto stance.”
Trump supporters thrive in falsity and anti-democratic attitudes.
“If Trump loses, about a quarter of Republicans said they think he should do whatever it takes to ensure he becomes president anyway, according to a September PRRI poll.”
“among Republicans, Trump proved by far the most trusted source of information about election results, well above local and national news outlets. In an Associated Press/NORC/USAFacts poll from earlier this month, more than 60 percent of Republicans said they believe Trump himself is the best place to get the facts about results.”
“Trump’s long-running insistence that he won in 2020 appears to be having an effect over time, with several surveys measuring greater buy-in of his lies about the election from voters today than in the past. A December Washington Post/University of Maryland poll found that 36 percent of US adults did not believe Biden was legitimately elected, compared to 29 percent two years prior. And in a Pew Research poll conducted earlier this month, 27 percent of US adults said that Trump did nothing wrong in trying to overturn the election results, up from 23 percent in April.”
“For Tim Walz, in vitro fertilization (IVF) is a deeply personal issue—or at least he made it seem that way. In several recent interviews, the Minnesota governor and Democratic vice presidential candidate implied or outright suggested that his own two children were conceived using IVF.
One problem: It’s not true. Walz’s children were conceived using intrauterine insemination (IUI), not IVF. These are two very different things, and the policy conversations about them are fundamentally distinct; many religious conservatives want to prohibit IVF—which can result in the destruction of unused fertilized embryos outside the womb—but not IUI.
Yet Walz tried to link his own personal experience with potential efforts by Republicans to ban IVF. This is misleading, since he and his wife used IUI, not IVF.
It was an oft-repeated error. On Facebook, Walz wrote that his family had taken advantage of reproductive health care options like IVF, which is true enough. But then he told the Pod Save America podcast that his two kids were born “that way,” in reference to IVF. Worse still, on MSNBC, he flatly stated: “Thank God for IVF, my wife and I have two beautiful children.”
It makes sense that some people who have little familiarity with either procedure use IVF as shorthand for both. But Walz should have a more granular understanding of what they involve. Moreover, he has accused his opponents of wanting to ban IVF. Walz attacked his rival, Republican vice presidential candidate J.D. Vance, saying: “If it were up to him, I wouldn’t have a family, because of IVF, and the things that we need to do reproductively.””
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“The best major media exposé on Walz’s incautious truth telling came from CNN’s Andrew Kaczynski, who revealed that Walz repeatedly lied about his 1995 arrest for drunk driving when he ran for Congress a decade later.
Walz was stopped for driving 96 mph in a 55 mph zone and admitted to police that he had been drinking. His blood alcohol level was .128.
“But in 2006, his campaign repeatedly told the press that he had not been drinking that night, claiming that his failed field sobriety test was due to a misunderstanding related to hearing loss from his time in the National Guard,” wrote Kaczynski. “The campaign also claimed that Walz was allowed to drive himself to jail that night. None of that was true.”
These were direct lies, and there’s no excuse for them.”
“It seems clear that neither Trump nor Vance is interested in a rational conversation. “With this rhetoric,” Bettina Makalintal noted on Eater last week, “the Republican party is picking from the most predictable xenophobic playbook and invoking time-worn fear mongering.” The idea that “immigrants ‘eat pets,'” she wrote, “is meant to signify their backwardness, danger, and inferiority, ” which “then justifies the Republican party’s efforts to curtail immigration.”
For politicians “perpetuating this false narrative,” Makalintal observed, “the truth has taken a back seat to the intended message: that immigrants are not ‘like us’ and therefore pose a threat to hard-won American lives.” Trump and Vance, she said, are implicitly drawing a contrast between “white ‘Americans’ with household pets like Fluffy and Fido as members of the family” and dark-skinned immigrants who are “trouncing on that which is held dear.”
Implicit racism aside, Vance is proving to be just as impervious to reality as the man he once condemned as a “total fraud” who was shockingly xenophobic, “reprehensible,” “a moral disaster,” and even possibly “America’s Hitler.””
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“All of this is reminiscent of Trump’s attitude toward claims of fraud during the 2020 presidential election, which he was eager to accept no matter how outlandish and unsubstantiated they were. During the notorious telephone conversation in which he pressured Georgia Secretary of State Brad Raffensperger to “find” the votes necessary to reverse Joe Biden’s victory in that state, for example, Trump mentioned a rumor that election officials had “supposedly shredded…3,000 pounds of ballots.” That report, he conceded, “may or may not be true.” Yet within a few sentences, Trump had persuaded himself that the allegations were reliable enough to establish “a very sad situation” crying out for correction.
Where does Vance stand on Trump’s claim that the 2020 election was stolen through systematic fraud? He recently argued that Trump had raised concerns that were valid and troubling enough to justify “a big debate” about whether electoral votes for Biden from battleground states should have been officially recognized, although “that doesn’t necessarily mean the results would have been any different.” Alluding to “the problems that existed in 2020,” Vance said that if he had been vice president at the time, “I would’ve told the states like Pennsylvania, Georgia and so many others that we needed to have multiple slates of electors, and I think the U.S. Congress should’ve fought over it from there.”
Just as he refuses to definitively say whether he believes Hatians actually have been eating people’s cats and dogs in Springfield, Vance has declined to explicitly endorse or reject Trump’s stolen-election fantasy. In both cases, he seems to think the fact that someone made a wild allegation is enough to justify “a big debate” about whether it might be true, even when there is no evidence to support it.
You can either live in the real world or be Donald Trump’s running mate. Vance has made his choice.”
Trump tried to steal the last election, and may do so again, so former governors are trying to convince current state officials to not go along with such democracy-ending actions.
“A bipartisan group of former governors is launching a campaign to convince their successors to certify their states’ votes after the upcoming November election — and defy possible pressure from former President Donald Trump.
Nearly 20 ex-governors have signed onto the effort, which launches Tuesday on National Constitution Day, and more are expected in the weeks ahead. The push, organized by pro-democracy group Keep Our Republic, is sending a letter — shared first with POLITICO — to all 50 statehouses that urges sitting governors to certify election results by the December 11 deadline prescribed by federal law.
Four years ago, Trump failed in his push to have a pair of Republican chief executives in battleground states – Brian Kemp in Georgia and Doug Ducey in Arizona – overturn the voters’ will in their states. But the former executives fear he may do so again this winter and succeed this time, even though federal law has been strengthened to clarify that each governor’s role is simply to certify the winner of the popular vote.”
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“Trump’s plan four years ago centered on some battleground states submitting dueling sets of electors that would muddle the Electoral College certification process on Jan. 6 and have both sets voided. That would have allowed, according to the plan, then-Vice President Mike Pence to toss them out and give the election to Trump.
Former Pennsylvania Gov. Tom Corbett, a Republican, said he was “disappointed” that the nominee of his party refused to admit he lost in 2020 and appeared to be laying the groundwork for suggesting that this year’s election would be rigged.
“When you make allegations, you better have some evidence,” Corbett said. “And I have not seen any evidence.”
The group of former governors is hoping to provide political cover for those GOP executives who Trump may pressure.”
“Harris is proposing policies like raising taxes on corporations and creating new tax credits, while Trump promises to institute new tariffs and to cut taxes on certain businesses. There’s not a lot the two agree on, other than a proposal to eliminate federal taxes on tips.
As president, both candidates would struggle to make their promised changes unilaterally as taxation is controlled by Congress, not the executive branch. Neither party seems on track to make the type of huge House or Senate gains a president would need to ram their agenda through Congress, and it’s possible control continues to be split between parties, a recipe for gridlock.
That makes these plans more about demonstrating an economic philosophy to voters than anything else.”
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“Harris has said she wants to:
Set the capital gains tax rate at 28 percent
Set the corporate tax rate at 28 percent
Give new small businesses a tax break of up to $50,000
Create a $25,000 tax credit for first-time homebuyers
Increase the child tax credit for all parents, including giving new parents a $6,000 credit
Eliminate certain taxes on tips
Ensure no tax hikes on individuals making less than $400,000”
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“Trump says he plans to:
Slash some corporate taxes to 15 percent
Institute a tariff of up to 20 percent on all imports (except those from China, which would have a 60 percent tariff)
Renew the individual tax cuts from 2017, keeping even the highest income tax brackets where they are
Get rid of taxes on Social Security benefits
End taxes on tips”
“It’s that time again. The last act of Congress funding the federal government expires on September 30. So, unless Congress passes new funding legislation by then, much of the government will shut down.
House Speaker Mike Johnson (R-LA), egged on by the House Freedom Caucus and by former President Donald Trump, reportedly wants to use this deadline to force through legislation that would make it harder to register to vote in all 50 states.
Johnson plans to pair a bill funding the government for six months with a Republican bill called the “Safeguard American Voter Eligibility Act” or “SAVE Act,” that would require new voters to submit “documentary proof of United States citizenship,” such as a passport or a birth certificate, in order to register to vote.
As recently as Monday night, Johnson’s plan to tie government funding to passage of the SAVE Act seemed dead. At least five House Republicans oppose the spending bill, enough that Johnson would need to secure Democratic votes in order to pass it. But Trump, the GOP’s presidential nominee, demanded on Tuesday that congressional Republicans “SHOULD, IN NO WAY, SHAPE, OR FORM, GO FORWARD” with legislation funding the government unless it also includes something like the SAVE Act.
There is no evidence that noncitizens vote in US federal elections in any meaningful numbers, and states typically have safeguards in place to prevent them from doing so. Georgia Secretary of State Brad Raffensperger, a Republican, for example, claims to have identified 1,634 “potential noncitizens” who attempted to register during a 15-year period. But these possible noncitizens were caught by election officials and were never registered. In 2020, nearly 5 million Georgians voted in the presidential election.
More broadly, according to the Bipartisan Policy Center, “illegal registration and voting attempts by noncitizens are routinely investigated and prosecuted by the appropriate state authorities, and there is no evidence that attempts at voting by noncitizens have been significant enough to impact any election’s outcome.”
While noncitizen voting — which is, of course, illegal — has never been proven to have affected an election, there is evidence that the SAVE Act could have an impact on elections. That much is clear from Arizona, which already has a SAVE Act-like regime. Data from Arizona suggests the state’s law has made it slightly harder for people of color, a group that skews Democratic, to vote. And at least one analysis of Arizona voter data suggests that the SAVE Act could suppress voter registration among another group that tends to vote for Democrats: college students. So the bill could make it slightly more difficult for Democrats to win elections.
That said, the SAVE Act law does have a vague provision allowing voters who “cannot provide” the required documentation to submit other evidence that they are a citizen, and it provides that state or local officials “shall make a determination as to whether the applicant has sufficiently established United States citizenship.”
It’s unclear what, exactly, that means.
Notably, the SAVE Act would take effect immediately if enacted by Congress, and it imposes significant new administrative burdens on state and local election offices. So, if the law did take effect in the two months before a presidential election, it could potentially throw that election into chaos.”