Ripple Co-Founder's Backed Candidate Defeats Stripe Millionaire in Congressional Race — Here's Why Crypto's Political Influence Is Growing

WHY IT MATTERS

Think of this like a new industry flexing its muscles in Washington. Just as oil companies or big banks have historically supported political candidates who would write rules in their favor, the crypto industry is now doing the same thing. Ripple — the company behind the XRP cryptocurrency — has been fighting regulators in court for years, so it makes sense that its co-founder would want to help elect lawmakers who might write friendlier rules. When we say a candidate is 'backed by' someone, it usually means that person donated money or rallied support for them. The fact that crypto-backed candidates are winning elections means the industry could have more allies in Congress pushing for laws that affect how you buy, sell, and use digital currencies.