The FBI recently reported that losses from cryptocurrency scams were up 45% from last year, over $5.6 billion dollars. It's become so widespread that the FBI actually created their own cryptocurrency to ensnare the fraudsters. You might be thinking what's that got to do with me? I don't plan on buying any bitcoin. Unfortunately it isn't that easy.
People that have gotten wealthy in this largely unregulated, fraud-plagued market are increasingly influential in our political system.

Three super PACs that boast backing from crypto titans Coinbase, Ripple Labs, and Cameron and Tyler Winklevoss, who founded the cryptocurrency exchange Gemini, have spent more than $80.5 million on the general election, according to the Federal Election Commission...
One race in particular has been the focus of the crypto-infused spending. The Senate race in Ohio between three-term Democratic incumbent Sen. Sherrod Brown and Republican Bernie Moreno is the most expensive contest this cycle. Defend American Jobs has spent more than $40 million supporting Mr. Moreno.

Mr. Brown, who chairs the Senate Banking, Housing and Urban Affairs Committee, is a cryptocurrency skeptic and voted against legislation earlier this year that would have softened crypto banking regulations.

Cryptobros are becoming one of the largest campaign contributors, but you wouldn't know that from watching the ads.

The ads have one major trait in common: They are all part of a massive effort from the cryptocurrency industry to elect its preferred House and Senate candidates across a dozen states this fall. But not a single one mentions crypto.

The nascent industry has quietly become the single biggest outside spender in congressional elections this cycle other than traditional party groups, spending more than environmental PACs, pro-Israel advocates or abortion-rights groups. About 1 in 12 independent expenditure dollars in House and Senate races this year have come from cryptocurrency-linked super PACs.

“The crypto industry is pretty amazing in that 10 years ago, it was the laughing stock of the tech world,” said Moreno, the GOP Senate candidate from Ohio who is challenging Sen. Sherrod Brown and has attracted the most cryptocurrency backing of any candidate. “And in reality, here you are 10 years later, and they’re going to be decisive in helping Republicans win the United States Senate.”

With Trump launching his own problematic cryptocurrency, and Harris now with her own pro-crypto plan, I think it's long past time to ask if we've let the camel's nose under the tent.