How did the crypto lobby get so rich?

References

https://www.politico.com/news/2024/03/05/super-tuesday-set-to-test-cryptos-post-sbf-sway-00144900

https://www.politico.com/news/2024/02/23/crypto-pacs-2024-races-00142895

"An $80 million cloud of crypto campaign cash is hanging over the battle for Congress.

"Campaign finance filings released this week confirm that a trio of affiliated pro-crypto super PACs are poised to be among the top-spending outside groups in this election cycle. Their mission: promote industry allies and demolish crypto critics, even if digital asset policy isn’t quite a kitchen table issue. The groups — Fairshake, Protect Progress and Defend American Jobs — are backed by major industry players including Coinbase, Ripple and Andreessen Horowitz."

That $80 million is comparable to the $100M that AIPAC plans to spend on the 2024 election to defeat candidates it seems anti-Israel.

https://www.politico.com/news/2024/03/03/aipac-israel-spending-democratic-primaries-00144552

It seems curious to me that the cryptocurrency industry is so flush with cash that it can spend this kind of money on trying to influence elections.

Compare, e.g., the supermarket industry, which actually performs a useful public service.

It notoriously runs on thin margins.

It seems questionable that they would be so profitable as to have that kind of money for lobbying.

I am not an expert on all this, 

but that just made me question how lucrative the crypto industry is.

My concern is that the so-called crypto industry is really just a scheme to make its insiders rich, and leave those who put their money into crypto holding the bag when things go south.

Why should the crypto magnates be trusted?

See also

www.politico.com/live-updates/2024/03/05/super-tuesday-2024/cryptos-big-night

And a March 15 update:

https://www.politico.com/news/2024/03/15/crypto-super-pac-senate-00147262