The crypto industry has spent tens of millions of dollars on pro-crypto candidates this election cycle. Both Donald Trump and Kamala Harris have made cryptocurrencies part of their campaign campaigns. The influence of cryptocurrencies is shaping races up and down the ballot.
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With the US presidential election just two weeks away, the world is about to find out just how influential the cryptocurrency industry really is.
Cryptocurrency companies, executives, and super PACs have spent billions this election cycle, outspending even longtime big spenders like the Koch family, according to Federal Election Commission filings.
The cryptocurrency industry has outpaced all other industries, pumping nearly $120 million into federal campaigns as of August, according to OpenSecret, a nonprofit that tracks campaign spending. FairShake, a leading pro-crypto super PAC, has raised more than $204 million heading into the 2024 election cycle.
FairShake has made donations favoring candidates on both sides of the aisle, but has only spent money on Democrats. According to OpenSecrets, Fairshake spent more than $13 million total against three Democratic candidates: Sen. Katie Porter, Rep. Jamaal Bowman, and Rep. Cori Bush, all of whom lost their primaries. .
Perhaps nowhere is industry spending more severe than in Ohio. In Ohio, once favored Democratic Sen. Sherrod Brown is currently in a tight race against blockchain entrepreneur and Republican Bernie Moreno. Cryptocurrency supporters are paying close attention to the race, spending tens of millions of dollars to support Moreno.
Former President Donald Trump and Vice President Kamala Harris announced their involvement in the crypto community during the campaign, but it won’t be clear until after Election Day how far the industry’s influence extends.
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Industry leaders told Business Insider that many in the crypto industry believe that crypto-friendly Congresses and presidents can influence how governments regulate digital currencies, or at least the Securities and Exchange Commission. He hopes the association can encourage crypto companies to set clear rules about how they want crypto companies to behave. To protect consumers.
JP Richardson, CEO of Exodus Crypto Wallet, told BI that he donated what he could, $844,000, to the Trump campaign.
Trump has previously called cryptocurrencies a scam, but has recently raised hopes that he will be a good fit for crypto entrepreneurs. During his campaign, he promised to make America the “crypto capital of the planet.”
That rhetoric is paying off for him. A pro-Trump political action committee has collected at least $7.5 million in crypto donations since June, and as Trump betting market odds rise ahead of the election, the value of Bitcoin has correspondingly increased. It’s rising.
President Trump visited the virtual currency conference “Bitcoin 2024” held in Nashville in July, and said that if he were elected, he would fire SEC Commissioner Gary Gensler and put all the federal government’s Bitcoin into the “Strategic National Bitcoin Reserve.” I promised to keep it.
Richardson said the audience gave Trump a standing ovation when he mentioned Gensler’s firing, but that “the industry wants clear regulatory guidance from the SEC.”
“I personally support Mr. Trump and would have been happy to extend the same support to Ms. Harris if she had taken the same bold stance of supporting the industry as Mr. Trump,” Richardson said. did not do that.” Said.
Harris has not been very vocal about her stance on cryptocurrencies, but she has begun to show quiet support for the industry on the campaign trail in recent months. In September, he brought up cryptocurrencies at a Wall Street fundraiser, saying his administration would “encourage innovative technologies like AI and digital assets while protecting consumers and investors.”
Barry DiRaimond, co-founder and CEO of real estate crypto fund SteelWave Digital, says he is “advocating for regulating cryptocurrencies to become a mainstream financial product.” , said he still believes a President Trump victory is the best outcome for cryptocurrencies.
“If you invest in Bitcoin for a long time and Trump wins, you’ll be a happy camper,” DiRaimondo said.
Still, he said he doesn’t donate to any political organization because “playing in politics means playing on both sides of the fence.”
“We are very neutral, politically and corporately,” he said.
Richardson said Exodus also donated $1.3 million to Stand with Crypto, an advocacy group focused on voter registration and providing information about political candidates who support cryptocurrencies.
“We recognize the importance of electing pro-crypto candidates, but this should be very bipartisan,” Richardson said. “So Stand With Crypto will be educating people about these candidates.”
“We want to support education, so the $1.3 million is targeted to help these battleground states,” Richardson added.
For Mr. Richardson, the “tipping point” in his decision to get involved in politics came on May 9, when his company was planning to list on the New York Stock Exchange. Before the opening bell, the SEC postponed the listing while it reviewed the company’s registration statement, the company said.
“Up until this moment, I didn’t really care about politics, but now I feel forced and cornered into caring more seriously about politics than ever before,” Richardson said. ” he said.
