Crypto comes to Washington. Will the millions buy influence?

WASHINGTON — Erin Houchin braced for the worst when a mysterious group started buying television ads last month in her highly competitive southern Indiana congressional race. American Dream Federal Action, a super political action committee financed by a cryptocurrency CEO, saturated the district with ads promoting Houchin as a “Trump Tough” conservative who would “stop the socialists in Washington.” That push helped secure her victory last week in a Republican primary. Days later, the Justice Department indicted the CEO of a cryptocurrency platform and mining operation, alleging he orchestrated a “$62 million global investment fraud scheme.” Meanwhile, members of Congress and the administration have raised concerns that Russian oligarchs could turn to cryptocurrency to evade U.S. sanctions put in place when Russia invaded Ukraine. “Because there are no standards, many businesses are hesitant to touch cryptocurrency,” said Boring, whose group has spent nearly $2 million lobbying the federal government. “It tells every Democrat that, if you have a primary, they could come in with $2 million,” said Rep. Brad Sherman, D-Calif., chairman of the House Financial Services subcommittee overseeing investor protection.