Crypto Wades Into New Jersey Governor Race With Big Sean and Crudités

As cryptocurrency boosters snacked on cold cuts and crudit s inside a darkened Jersey City music venue last week three candidates for New Jersey governor took the stage to pledge their patronage for the industry Jersey is too expensive We ve got to get taxes down we ve got to get our rents down we ve got to get our costs down commented U S Rep Josh Gottheimer a centrist Democrat and middle-of-the-pack contender in Tuesday s gubernatorial primary The key to that I believe is crypto So please know that you ve got a great champion in me Under Donald Trump s presidency and a Republican-dominated Congress the crypto industry has racked up a series of political wins It could be within days of winning full Senate encouragement for one of its the bulk prized pieces of rule a so-called stablecoin bill endangered mostly by the Trump family s attempt to profit off the burgeoning asset class Related Opportunism and Fear Crypto Industry Sets Its Sights on Governors Mansions But the industry s power brokers know that state offices like governor s mansions could play just as crucial a role in crypto s future Industry lobbyists would like to loosen state regulations and win investments from massive community pension funds and they ll need state lawmakers and executives to achieve that For three candidates who trooped onto the stage at the rally hosted by an industry-funded group last week the event s appeal was obvious Gottheimer drew more than in campaign cash from crypto super PACs during his last congressional race Fellow Democrat Steve Fulop the mayor of Jersey City has wooed crypto voters by investing part of the city s pension fund in bitcoin They joined talk radio host Bill Spadea a long-shot candidate in the Republican primary for a chance to pitch undecided voters last Thursday at an event hosted by the industry group Stand With Crypto There is no mayor in the state of New Jersey that has a stronger record with regards to crypto for a longer time than I do Fulop stated nodding to the pension fund venture There is no mayor in New Jersey that has been more involved personally in crypto than I have I care a lot because it hurts my money for real Specific attendees announced they were excited about crypto s growing political clout while adding that other issues were more likely to sway their vote Specific mentioned they craved to structure or catch the free event s featured performers rappers Shake and Big Sean Watching from the audience a college attendee who makes daily crypto trades gave a more jaded explanation for his attendance I care a lot because it hurts my money for real I was never into politics until the new Trump reelection because they cracked the system mentioned Sebastian Diaz The news moves the markets instead of the actual projects Crypto Throws Its Weight Around Democrats are favored to win the New Jersey governor s race in November so the party s primary on Tuesday will likely decide who replaces term-limited Democratic incumbent Phil Murphy While frontrunner U S Rep Mikie Sherrill did not attend the rally Stand With Crypto has rated her as strongly supportive of the industry Political observers in New Jersey have mentioned that crypto ranks at most of a minor issue in the governor s race albeit one that could sway the votes of a limited passionate supporters One industry critic has asserted that the candidates lining up to back crypto may be motivated by a mix of opportunism and fear From its start Stand With Crypto has been closely affiliated with Coinbase a crypto exchange that drew early backing from the Silicon Valley venture capital firm Andreessen Horowitz before going community in The crowd at Stand With Crypto s party in Jersey City Photo Matt Sledge The Intercept While the nonprofit markets itself as grassroots Stand With Crypto has money for the sorts of events that would be the envy of most of advocacy organizations including a branded purple bus tour through five battleground states last year and an evening with the rapper Nas Related Who s on the Guest List for Trump s Meme Coin Dinner In a tax form filed last November Stand With Crypto revealed that it had over million in revenue for The group did not disclose its donors on the form and didn t respond to a request for comment on who they are A leaderboard on its website states that it has received million from the crypto wallet provider Exodus and million from another crypto company MoonPay Political Airdrop When crypto entrepreneurs want to build buzz for a new project they will often resort to an airdrop a free distribution of their tokens in exchange for social media posts Stand With Crypto merch for sale Photo Matt Sledge The Intercept The modest buffet featuring crackers cheese and ranch dressing accompanied by free music may have been the political equivalent of an airdrop For half an hour the New Jersey native Shake sang and rapped songs to a crowd of several hundred She petitioned the crowd for a cigarette and smoked it before stubbing it out on her accompanist s guitar The rally appeared to draw attendees with a wide range of attitudes about the industry itself Countless disclosed they were crypto enthusiasts excited that politicians were in the end taking note Others just liked the idea of a free party Jersey City resident Carla Williams noted she d come because her friend was trying to convince her of crypto s benefits and she longed to learn more I m all for a good time and free stuff she reported waiting in a short line to get into the -person limit White Eagle Hall But she was wary of diving into the industry head first If it s not FDIC-approved I don t know if I want to do it I want to make sure if somebody steals it I get the majority of my money or all of my money back Williams noted Looking Ahead Crypto doesn t yet have backing from the Federal Deposit Insurance Corporation but it does have plenty of supporters in Washington The industry faced a massive setback after the collapse of the fraudulent FTX cryptocurrency exchange in but crypto s political influence returned in roaring form in last year s congressional races A new wave of pro-crypto lawmakers from both parties came into office in January with help of the Fairshake super PAC another Coinbase-backed political entity Fairshake also backed Gottheimer s reelection Ahead of a Senate vote on so-called stablecoin ordinance last month Stand With Crypto flooded Senate offices with emails and warned that it would track assistance for the bill on a populace scorecard a common tactic for influence groups like the National Rifle Association Related Senate Dems Hand Trump a Win by Backing Stablecoin Bill When the Senate voted to begin debate on the stablecoin bill the group celebrated on social media A group official promised that crypto boosters would remember the lawmakers who have our backs The ultimate fate of the stablecoin bill remains in doubt however as senators bicker over a proposed amendment that would tackle the divisive issue of credit card swipe fees The Trump family s wholesale embrace of crypto could make it harder for the industry to win political sponsorship for a more far-reaching realm structure bill for other types of crypto assets But building stable political power requires making inroads in leadership below Congress or the Oval Office To achieve that the crypto industry is prepared to use as multiple free concerts and cold appetizers as it takes Later this month Stand With Crypto is hosting another rally in New York City ahead of its June mayoral primary They promise food drink and surprise live performances from NYC musical guests The post Crypto Wades Into New Jersey Governor Race With Big Sean and Crudit s appeared first on The Intercept