Political Contributions Reach All-Time High of $91 Million in Cryptocurrency Ahead of 2024 Election

The cryptocurrency sector has achieved a historic total of $94 million in political contributions since 2023 to promote pro-crypto governance.

As reported by Bloomberg on May 17, donors from the crypto industry have provided $94 million to federal political committees since 2023, surpassing the $83 million contributed during the previous 2020 election cycle.

The majority of these political contributions originate from political action committees (PACs). These entities aggregate member donations and allocate the funds to support or oppose candidates, ballot measures, or legislation.

PACs strategically distribute funds during primaries to sway candidate selection in a manner that aligns with their interests.

Who is Contributing to Crypto Political Donations?

The Super PAC Fairshake has amassed over $85 million to back political candidates who advocate for cryptocurrency and blockchain technology in the forthcoming election.

Fairshake aims to ensure that elected officials will champion the establishment and implementation of essential regulations for the cryptocurrency sector.

Recently, Fairshake invested over $10 million to effectively counter a Democratic U.S. Senate candidate in California through a series of negative advertisements that contributed to her exclusion from the ballot.

Fairshake’s initiative has garnered the attention of significant figures in the crypto industry, including venture capitalists Marc Andreessen and Ben Horowitz, who each contributed $9 million to the PAC.

Additionally, major crypto companies such as Coinbase, which donated $20.5 million, and Ripple Labs, which contributed $20 million, have also supported Fairshake, according to the report.

Coinbase CEO Brian Armstrong has openly expressed his opposition to anti-crypto governance and has personally donated $1 million.

Welcome to the club – you’re in good company

The courts will help get clarity – but the right solution longer term is we need to elect pro-crypto candidates. This is why Coinbase has supported Fairshake superpac, and https://t.co/1YyvPQemqk.

Hope y’all can join us! https://t.co/TONaXX2vlv

— Brian Armstrong (@brian_armstrong) May 7, 2024

The largest contributor from the crypto industry is Jeffrey Yass, a prominent donor associated with Susquehanna International Group, who supports a variety of networks ranging from Bitcoin to ByteDance.

Identifying as a libertarian, Yass primarily funds Republican candidates and has already contributed $70 million to political initiatives.

Crypto in the 2024 Election

Upcoming elections are pivotal for the future of cryptocurrency. As significant jurisdictions gradually evolve into centers for cryptocurrency innovation, it is essential to establish robust regulatory backing for the technology.

The United States is among the most influential players. The 2024 election is poised to be crucial for the future of cryptocurrency within the nation.

A poll conducted by the Digital Currency Group indicates that this issue has gained substantial traction among voters in the 2024 U.S. Elections.

This is largely driven by the differing perspectives of leading political candidates. The current Biden administration has adopted a stringent regulatory approach, which some perceive as antagonistic.

Conversely, the Trump administration aims to create a more favorable environment for cryptocurrency in the U.S. During a Q&A session, he acknowledged that numerous cryptocurrency businesses are departing the country “because of the hostility.”

“Well, we’ll stop it because I don’t want that… If we’re going to embrace [crypto], we have to let them be,” he asserted.

This approach has been questioned as opportunistic; however, he has raised significantly less than his main rival, the Biden administration, according to a Financial Times report.

Moreover, Trump’s ongoing legal costs may have led to a personal appeal to the industry.

“If you’re in favor of crypto, you better vote for Trump,” Trump stated during a Q&A.

A 2023 Greyscale survey reveals that U.S. voters desire presidential candidates to possess an informed understanding of emerging technologies like cryptocurrency.

According to a Coinbase report, approximately 20% of American adults report owning cryptocurrency. Thus, a pro-crypto position could be a significant asset in the upcoming 2024 election.

The post Political Donations Hits Record $91M of Crypto Pre 2024 Election appeared first on Cryptonews.