Ryan Selkis, a cryptocurrency executive, was dining at Mar-a-Lago in May when he received an unexpected invitation: Former President Donald J. Trump wanted him to come onstage at the Florida resort and say a few words.
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Selkis, who operates the cryptocurrency data firm Messari, was one of hundreds of attendees at an event celebrating Trump’s series of non-fungible tokens, the digital collectibles known as NFTs. At the podium, Selkis turned to the former president. “There are 50 million cryptocurrency holders in the United States,” Selkis declared. “That’s a lot of voters.”
That message has become a political talking point in the cryptocurrency world as the industry tries to shake off a wave of scandals and establish itself as a powerful force in the 2024 election cycle. Three major cryptocurrency companies have teamed up to fund a group of affiliated super PACs, investing about $150 million to elect pro-crypto candidates in congressional races.
The PACs do not plan to participate in the presidential election, a spokesman for the groups said. But top executives have tried to rally the industry behind Trump, who has responded by praising digital currencies and hosting executives at Mar-a-Lago.
Following the collapse of cryptocurrency companies two years ago, the Biden administration went on an offensive, filing lawsuits and criminal charges against some of the industry’s leading figures. The U.S. Securities and Exchange Commission is investigating cases that could force the industry out of the country.
Selkis and others have argued that newly energized “crypto voters” could influence the November presidential election. They cite a survey, commissioned by cryptocurrency exchange Coinbase, that suggests 52 million Americans own digital currencies. (The U.S. Federal Reserve estimates the total at 18 million people.)
But voters’ supposed passion for cryptocurrencies may be less important than the industry’s campaign war chest. Ripple, Coinbase and venture capital firm Andreessen Horowitz have each donated around $50 million to crypto PACs, which plan to spend those funds on various Senate races.
“A single, relatively small industry is literally trying to buy off enough politicians to hijack the public agenda,” said Dennis Kelleher, president of Better Markets, a financial reform advocacy group.
Robert F. Kennedy Jr., the independent presidential candidate, made his first official campaign appearance at a Bitcoin event in Miami and has attended multiple industry conferences, sometimes holding fundraising meetings with wealthy executives.
President Joseph R. Biden Jr. has long been seen as anti-cryptocurrency because Gary Gensler, his CBV chairman, has sued many cryptocurrency companies.
While Trump once said Bitcoin “looks like a scam,” he recently made supportive comments about cryptocurrencies and promised to end the regulatory crackdown. Bitcoin should be “MADE IN USA!!!,” he posted on his social media account.
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