Cryptocurrency has become a top spender in Arizona’s elections

According to the Federal Election Commission, two cryptocurrency groups have spent $5.9 million to sway Arizona’s federal races toward pro-crypto candidates. This news comes as many voters in Arizona still remain uneducated about the topic of cryptocurrency, a digital currency system that is decentralized and non-physical.

Laura Gersony, a national politics reporter for “The Arizona Republic,” joined “Arizona Horizon” to discuss her article on the topic and what this means for Arizona and the future of campaigns.

“For a lot of investors, crypto is just another part of their investment portfolio,” Gersony said. “For crypto’s real devotees, they see it as a wider utopian project.”

Cryptocurrency is free of regulations seen in traditional banking, making crypto the “wild west” of finance and tech.

“It’s better thought of as a million individual transactions,” Gersony said. “Critics and skeptics of crypto argue that it means it can be used for shady transactions.”

The critics and skeptics also argue that without a central governing body, it makes the market for crypto unstable, which could put consumers at risk.

The $5.9 million spent to sway elections amounts to around one-sixth of the big-money “independent” expenditures so far this year. They are allowed to spend an unlimited amount supporting a candidate, however, they are not allowed to officially coordinate with the campaigns.

“The crypto industry is making a play for the Democratic party,” Gersony said. “This is the real movement we’re seeing. I think the crypto industry sees an opportunity in the Democratic party.”

The crypto industry continues to grow and will start to take its place in upcoming elections as more and more politicians embrace the industry.

“One thing worth watching looking ahead is how Kamala Harris is going to position herself on the issue,” Gersony said. “Donald Trump has enthusiastically embraced crypto, like many Republicans. But Harris advocates are still reading the tea leaves.”