Crypto Spent $10M on Illinois Primary, But Failed to Sway Voters
The article discusses how crypto lobbying groups spent $10 million on the 2024 Illinois primary, but most of the spending did not achieve the intended results. The problem was that the crypto industry was trying to buy political influence rather than focusing on building real utility.
Why it matters
This article highlights the importance of focusing on real-world utility rather than speculative bets on future regulation for the crypto industry.
Key Points
- 1Crypto PACs spent heavily on Illinois state races to elect candidates sympathetic to lighter regulation, but most of the backed candidates underperformed or lost outright
- 2The problem was that the crypto industry was trying to manufacture public enthusiasm for crypto as a political identity, rather than focusing on real-world utility
- 3Actual payment utility, like USDC's ability to settle transactions quickly, is more important than speculative bets on future regulation
- 4The most interesting aspect is the contrast between the political money and the infrastructure money, with the latter focused on making the present work better
Details
The article discusses how crypto lobbying groups burned through roughly $10 million on the 2024 Illinois primary, but by most measurable outcomes, 90% of that spending did not move a single vote in their intended direction. The candidates they backed lost, and the narrative they wanted didn't land. The problem was that the crypto industry was trying to buy credibility it hadn't earned through use, rather than focusing on real-world utility. The article contrasts this speculative bet on political influence with the actual payment utility of USDC, which can settle transactions quickly and reliably. The article argues that the most interesting aspect is the contrast between the political money, which is buying influence over an uncertain future, and the infrastructure money, which is making the present work better. The article suggests that the crypto industry needs to focus less on buying influence and more on building real utility.
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