Democrats Have a Gerontocracy Problem. The Crypto Industry Is Using That to Its Advantage.

Rep. Brad Sherman, D-Calif., during a news conference in Washington on March 6, 2024. Photo: Valerie PleschBloomberg via When former congressional staffer Jake Rakov launched a primary bid against his old boss, Rep. Brad Sherman, D-Calif., the race seemed to fit a pattern. The Democratic primary season is quickly shaping up to be dominated by intergenerational battles and Rakov, at 37, presented himself as a fresh face against Sherman, who has been in Congress since 1997. Other political forces, however, appear to be at work on Rakovs campaign. As soon as he announced his challenge, donations from three officials at cryptocurrency trade groups landed in the upstarts coffers, with a fourth donor coming in on their heels. Crypto is smart enough to realize that there are broad concerns among Democrats about aging in office. *Reporting by Theintercept.*