Crypto comes to Washington. Will the millions buy influence?

By BRIAN SLODYSKO and FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — Cryptocurrency tycoons are emerging as new power players in American politics. They’re pouring millions of dollars into primary elections as they try to gain influence over lawmakers and other government officials. It’s those lawmakers and officials who’ll write laws or craft regulations overseeing the cryptocurrency industry. This year, for the first time, industry executives have flooded money into federal races, regardless of party. Records and interviews show them spending $20 million so far. Cryptocurrencies are a digital asset that can be traded over the internet without relying on the global banking system. They’re highly speculative and often lack transparency.