As the 2024 U.S. election approaches, cryptocurrency donations have surged, totaling $190 million so far. This figure, reported on September 13 by Fox journalist Eleanor Terret, represents a significant increase compared to previous election cycles.
Overview of Crypto Donations
The current election cycle has seen a dramatic rise in crypto donations compared to the 2020 and 2022 elections. In the 2020 cycle, donations from the crypto industry were approximately $15 million, while the 2022 midterms saw a boost to $98 million. The substantial increase in 2024 highlights the growing influence of the cryptocurrency sector in U.S. politics.
Notable Contributions and Trends
In the 2020 election, notable donations included $5.2 million from Sam Bankman-Fried, the former CEO of FTX, who was later implicated in legal issues related to political contributions. The 2024 cycle has seen contributions from major figures and organizations within the crypto industry, including Coinbase, Ripple, and Gemini executives. These donations are primarily directed toward non-partisan groups and political action committees (PACs) that aim to support crypto-friendly legislators and policies.
Impact and Focus
The increase in crypto donations reflects a growing effort by the industry to influence U.S. politics and regulatory approaches. Many of these donations have been channeled through PACs like Fairshake, which focus on promoting the interests of the cryptocurrency sector in Congress. Notably, former President Donald Trump and a super PAC supporting Kamala Harris have also received significant contributions from the crypto community.
This surge in crypto donations underscores the sector’s increasing role in shaping political outcomes and policy discussions, particularly regarding cryptocurrency regulation and adoption.
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