Many in the sector worry that the industry’s inefficiencies and lack of regulation will slow it down.
The cryptocurrency industry has spent substantially on this election cycle.
When it comes to the US government’s handling of cryptocurrency laws, Solana co-founder Anatoly Yakovenko has openly criticized the approach. Yakovenko voiced his concerns on the X platform. He likened the government’s attitude to regulation to the chaos in the healthcare industry.
Consider the efficiency of the healthcare sector for those who aren’t familiar with cryptocurrency. An even more massive crypto disaster has been created by the US government, the Solana co-founder said recently, alongside a graphic created by crypto researcher Molly White. Additionally, he made the observation that diverse sectors are impacted by government regulation in an inverse proportionate manner.
Substantial Financial Impact
At the same time, White’s tweet brought attention to the fact that the cryptocurrency sector will have a substantial financial impact on the 2024 elections. So far, crypto-focused PACs have spent over $38 million and raised over $203 million, according to the graphic.
The oil and pharmaceutical sectors are far bigger, yet this amount of expenditure is significantly more, she pointed out. Anatoly Yakovenko’s worries, however, are representative of the crypto community’s larger anxieties around regulatory ambiguity.
The regulatory stance of the United States government is seen by many crypto industry heavyweights as a hindrance to development and innovation. Many in the sector worry that the industry’s inefficiencies and lack of control will slow it down. And the parallel to healthcare highlights this concern.
In the project “Follow the Crypto,” White documents the ongoing attempts of the cryptocurrency sector to influence the US presidential election of 2024. Although it is still a relatively tiny sector, she said, the cryptocurrency industry has spent more on this election cycle than more established power brokers like the oil and pharmaceutical industries combined.
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