The AI and crypto industries have made headlines over the past year thanks to the impressive war chests amassed by corporate political action committees (PACs).
Profligate spending during the last federal elections in the US has led to unprecedented policy changes favoring the crypto industry, with indications that a full legislative framework in the form of the CLARITY Act is on its way to becoming law.
But this hasn’t endeared the crypto industry to voters. Recent polls from Politico show distrust of the crypto industry, and the electorate isn’t sold on the benefits of AI.
“Voters across the ideological spectrum are raising concerns,” Michael Beckel, director of money in politics reform at Issue One, told Cointelegraph. “Some candidates on both sides of the aisle are trying to harness that frustration and outrage.”
Voters don’t trust crypto and don’t believe AI benefits them
According to the recent poll by Public First for Politico, most Americans don’t trust crypto and don’t believe in the benefits of AI.
While Republican voters are somewhat more likely to trust crypto, 47% of Americans overall trust a traditional bank over a crypto platform, while 17% trust a crypto platform as much as a traditional bank.
The numbers for AI aren’t great either. Some 43% of Americans overall believe that the risks outweigh the benefits, while 33% believe the inverse.
Currently, most people haven’t heard about the major crypto and AI lobbies. According to Politico, only nine percent have heard of AI Super PAC Leading the Future. Only three percent have heard of pro-crypto PAC Fairshake.
That’s not much compared to public awareness of large lobbies like the National Rifle Association or the Planned Parenthood Action Fund, which are practically household names.
Still, association with crypto could be a problem. Ohio Republican Representative Jim Renacci told Politico, “I do think if they see somebody is backed by crypto, that’s always going to be a problem, because, let’s face it, the people that I talk to in Ohio, they don’t understand crypto, and most say they’re not comfortable with [it].”
Improving awareness around crypto lobbies may not help them much. Rick Claypool, research director at Public Citizen, told Cointelegraph:
“Generally speaking, voters are against corporate money influencing politics.”
“Even after Citizens United, the norm had been for big, brand-name corporations not to engage directly. Or when they did engage, they would often contribute through dark money groups that obscure their funding source.”
In this regard, the crypto industry’s spending spree in 2024 was somewhat unusual. Major contributors like Coinbase or a16z weren’t shy about the millions of dollars they put into campaigns.
But even then, “the voter-facing message from Fairshake was never about crypto, which voters never really cared about.” Mailers and ad buys reflected the supported candidates’ positions more broadly, or sometimes attacked those of the perceived anti-crypto candidate.
Overall, “candidates who are seen as not beholden to corporate interests have an electoral edge,” said Claypool. This was true for populist candidates like US Senator Bernie Sanders and even US President Donald Trump, who claimed during his 2016 campaign that “he was so rich he could not be bought, which is laughable in hindsight.”
If awareness about crypto — and crypto’s concerted efforts to influence policy — increases among the electorate, it may not shake out well.
Issue One’s Beckel said, “If voters view an industry as toxic, that can have serious implications for candidates who don’t want to be perceived as too close to a controversial company or industry.”
Hellbound and Down 