Like cryptocurrency boosters Grouped on cold cuts and raw vegetables inside a Music Place in Jersey City sinks last week, three candidates for the Governor of New Jersey took the scene to put their support for the industry.
“Jersey is too expensive. We must reduce taxes, we must reduce our rents, we must reduce our costs, “said American representative Josh Gottheimer, a centrist democrat and in the middle of the pack Contented in the primary of the governor on Tuesday. “The key to that, I think, is the crypto. So know that you have a big champion in me.”
Under the chairmanship of Donald Trump and a congress dominated by the Republicans, the cryptography industry has accumulated a series of political victories. It could be in the days of Win full support from the Senate For one of its most precious laws, a so -called “stablecoin” bill was mainly endangered by the Trump family attempt to take advantage of the emerging asset class.
But industry power brokers know that state offices – such as governor’s residences – could play an equally important role in the future of cryptography. Industry lobbyists wish to loosen state regulations and gain investments from massive public pension funds, and they will need state legislators and leaders to achieve this.
For three candidates who took place on stage during the rally organized by a group funded by industry last week, the call of the event was obvious. Gottheimer attracted more than $ 240,000 to Crypto Super Pacs campaign cash during his last congress race. Comrade Democrat Steve Fulop, the mayor of Jersey City, courted Crypto voters by investing part of the city’s retirement fund in Bitcoin. They joined the radio host of Talk Bill Spadea, a long -standing candidate for the Republican primary, for having the chance to present indecisive voters last Thursday during an event organized by the Industry Group with Crypto.
“There is no mayor in the state of New Jersey who has a stronger file with regard to the crypto longer than me,” said Fulop, nodding the investment of pension funds. “There is no mayor in New Jersey who was more personally involved in the crypto than me.”
“I care very much, because it hurts my money, for real.”
Some participants said they were delighted with the growing political influence of Crypto – while adding that other problems were more likely to influence their vote. Some said they wanted to network or catch the featured artists of the free event, rappers 070 Shake and Big Sean. Looking at the public, a student who makes trades in daily cryptography gave a more jaded explanation for his attendance.
“I care very much, because it hurts my money, for real. I have never been in politics before Trump’s new re -election because they cracked the system,” said Sebastian Diaz. “The news issues the markets, instead of real projects.”
The crypto throws its weight
The Democrats are favored to win the race of the governor of New Jersey in November, so the primary of the party on Tuesday will probably decide who will replace the democratic Democrat in the long term Phil Murphy. (While the first representative of the United States, Mikie Sherrill, did not attend the rally, Stand with Crypto considered it “strongly” favorable to industry.)
New Jersey’s political observers said that crypto ranks a minor problem in the governor’s race, although who could influence the votes of some passionate supporters. A critic of the industry said that candidates queuing the crypto to be motivated by a mixture of “opportunism and fear”.
Since his beginningStand with Crypto was closely affiliated in Coinbase, an Crypto exchange which attracted the support of the venture company from Silicon Valley Andreessen Horowitz early to go to public in 2021.
Photo: Matt Sledge / The Intercept
While non-profit markets themselves as the base, Stand with Crypto has money for the kind of events that would be the desire for most plea organizations, including a brand Violet bus visit through five states of the battlefield last year and a Evening with rapper NAS.
In a tax form submitted last November, stand with Crypto revealed that he had more than $ 8 million in revenues for 2023. The group did not disclose its donors on the form and did not respond to a comment request on whom they are. A “ranking” on his website states that he received $ 1.3 million from the Crypto Exodus portfolio supplier and $ 1 million from another crypto company, Moonpay.
Political ad
When cryptographic entrepreneurs want to build the buzz for a new project, they will often use air distribution: a free distribution of their tokens in exchange for publications on social networks.
Photo: Matt Sledge / The Intercept
The modest buffet with crackers, cheese and Ranch vinaigrette, accompanied by free music, may have been the political equivalent of an aerial audience. For half an hour, the New Jersey Native 070 Shake sang and hit songs with a crowd of several hundred. She asked the crowd a cigarette and smoke it before taking it off on the guitar of its guide.
The rally seemed to attract participants with a wide range of attitudes with regard to the industry itself. Many said they were excited crypto enthusiasts that politicians finally take note. Others just liked the idea of a free party.
Carla Williams, a resident of Jersey City, said that she was coming because her friend was trying to convince her of the advantages of cryptography, and that she wanted to know more.
“I’m quite a while and free things,” she said, waiting in a short line to enter the capacity of 800 people White Eagle Hall. But she was wary of diving into the head of the industry first.
“If it is not approved by the FDIC, I do not know if I want to do it. I want to make sure that if someone flies it, I receive most of my money, or all my money,” said Williams.
Ahead
Crypto has no support from the Federal Deposit Insurance Corporation – but he has many supporters in Washington.
The industry was confronted with a massive setback after the collapse of the fraudulent exchange of the FTX cryptocurrency in 2022, but the political influence of Crypto returned in roaring form during the breeds of the Congress of last year.
A new wave of Pro-Crypto legislators of the two parties came into office in January with the help of the Fairshake Super Pac, another political entity supported by Coinbase. (Fairshake also supported the re -election of Gottheimer.)
Before a vote of the Senate on so -called “stablecoin” legislation last month, you hold with Senate offices in Crypto with emails and warned that it would follow the support of the bill on a public “dashboard”, a current tactic for influence groups such as the National Rifle Association.
When the Senate voted to start the debate on the Stable bill, the group celebrated on social networks. An official of the group has promised that crypto boosters “would remember the legislators who have their backs”.
The ultimate fate of the stable stable bill remains, however, while the senators bicker on an proposed amendment which would attack the Credit card scanning shipping division. The roughly embrace of the Crypto Trump family could make it more difficult for the industry to gain political support for a more in -depth bill of “market structure” for other types of cryptographic assets.
But building a stable political power requires drilling within the government below the Congress or the Oval Office. To achieve this, the cryptographic industry is ready to use as many free concerts and cold aperitifs as needed.
Later this month, Stand with Crypto organizes another rally in New York before its primary mayor of June 24. They promise “food, drinks and live performance on New York musical guests”.
