Crypto Industry Aims to Flex Political Muscle By Targeting Senator Elizabeth Warren's Reelection Bid

The crypto industry is looking to grow its political influence in Washington and sees Senator Elizabeth Warren, a vocal critic, as a prime target.

Groups like the super PAC Fairshake plan to get involved in Warren's reelection race as a test of the crypto industry's muscle. They argue Warren's approach to crypto regulation threatens innovation.

Warren is still seen as a powerful incumbent, but the crypto industry has abundant funding and her challenger John Deaton is drawing crypto leaders' support.

The crypto industry sees 2024 as its strongest year politically after notching some victories in the 2022 midterms.

Attacking Warren could serve to distract her from helping other Democrats in close races even if she wins reelection.