The cryptocurrency industry intensifies political struggles: "Villain" Waters' competitors derive nearly 70% of their funding from the crypto space.

Mars Finance News, April 18 — According to foreign media reports, California Democratic Representative Maxine Waters is considered a “thorn in the side” of cryptocurrency on Capitol Hill. As a senior member of the House Financial Services Committee, she has consistently supported strengthening regulation of cryptocurrencies to consolidate her authority. Meanwhile, Waters’ opponent, nonprofit executive Myla Rahman, has about 69% of her campaign funds coming from the crypto industry, sparking market concerns about “cryptocurrency capital involvement in politics.” Data shows that since announcing her candidacy in February, Rahman has raised approximately $14.5k, with the largest single donation of $6,600 from Brad Garlinghouse. Additionally, executives from the Solana Policy Institute have also provided support. As one of the most hardline Democrats advocating for crypto regulation in Congress, Waters has long pushed for increased industry oversight; if the Democrats win the midterm elections, she is expected to become Chair of the Financial Services Committee. Analysts believe this potential change is prompting the crypto industry to proactively deploy political resources in an attempt to influence future regulatory frameworks. Currently, the crypto industry is pushing for legislation of the “Clarity Act” to seek a more relaxed regulatory environment, but the bill faces strong opposition from the traditional banking system, which fears it could lead to deposit transfers to the crypto market. Notably, despite her regulatory stance, Waters has also received political donations from Chris Larsen, indicating that crypto capital is engaging in multi-channel strategies across both parties and different regulatory positions.