Special Investigations

Press Freedom Defense Fund

Crypto Critic Maxine Waters’s New Primary Foe Got Over Two-Thirds of Money From Crypto

Maxine Waters, the scourge of crypto, could become Financial Services Committee chair if Democrats win the House in midterm elections.

Rep. Maxine Waters, D-Calif., is the scourge of cryptocurrencies on Capitol Hill, burnishing her bona fides by supporting tighter oversight from her perch as ranking member of the House Financial Services Committee. If Democrats win the midterm elections, Waters is poised to become the chair of the influential committee.

Crypto donors are trying to make sure that never happens.

The woman mounting a long-shot challenge to Waters in California’s 43rd Congressional District has drawn more than two-thirds of her donations from the cryptocurrency industry.

Nonprofit executive Myla Rahman, 53, who is running as a younger alternative to the 87-year-old Waters, has taken 69 percent of her campaign contributions from crypto figures.

Rahman’s biggest single donor is Ripple Labs CEO Brad Garlinghouse, a leading voice pushing for looser regulations on crypto who has been active in the debate over pending crypto legislation in Congress.

Garlinghouse’s $6,600 donation last month helped bring Rahman’s total haul to $14,540 since announcing her long-shot campaign in February. The total haul is a pittance compared to what it would take to mount a viable campaign against Waters, a legendary figure who is serving her 18th term in the House. California’s primary election takes place on June 2. (Ripple Labs declined to comment.)

The total haul is a pittance compared to what it would take to mount a viable campaign against Waters, a legendary figure.

The total haul is a pittance compared to what it would take to mount a viable campaign against Waters, a legendary figure.

Still, any opposition funding could serve as a nuisance to Waters, a relative lightweight when it comes to fundraising compared to other top names in Congress. (Neither Waters’s nor Rahman’s campaigns responded to requests for comment.)

Rahman’s second biggest benefactor was Colin McLaren, the head of government relations at the crypto........

© The Intercept