The cryptocurrency industry has emerged as a major player in the 2024 US election cycle.
What Happened: Recent reports from CNBC and Politico show that crypto-related political action committees (PACs) and donors have been mobilizing both Republicans and Democrats, with a particular focus on key congressional races. He reportedly donated large sums of money to candidates.
The Trump 47 Committee, a pro-Donald Trump PAC, has raised about $7.5 million in cryptocurrency donations since early June, CNBC reported Wednesday.
These contributions include popular cryptocurrencies such as Bitcoin BTC/USD, Ethereum ETH/USD, XRP XRP/USD, and stablecoins such as USDC USDC/USD. Donations have come from a diverse group of supporters in more than 15 states, including battleground states.
Also read: Trump leads Harris by 3 points in latest poll, economic concerns dominate voters’ concerns: Report
Notable contributors include David Bailey, CEO of Bitcoin Magazine’s parent company, BTC Inc.;
Bailey, who has donated more than $498,000 in Bitcoin, is part of a group that helped change President Trump’s stance on cryptocurrencies from skepticism to enthusiasm.
Other significant donors include Mike Belshe, CEO of BitGo, and Stuart Alderoty, head of legal affairs at Ripple, who donated $300,000 in XRP.
On the Democratic side, Ripple co-founder Chris Larsen donated $1 million worth of XRP to Future Forward, a super PAC supporting Vice President Kamala Harris’ presidential bid. This highlights the bipartisan nature of the crypto industry’s support, with donations flowing to candidates on both sides of the aisle.
Why it matters: The cryptocurrency industry invests heavily in political campaigns, but its messages rarely mention cryptocurrencies directly.
Politico reported Monday that crypto-backed super PACs such as Defend American Jobs, Protect Progress, and FairShake have spent a total of $125 million in independent spending this cycle, accounting for 8% of all outside spending in congressional races. It was reported that it accounted for %.
However, their ads focus on general issues such as the economy, border security, and candidate biographies rather than crypto-specific topics.
The industry’s approach reflects a strategic decision to support candidates who favor crypto interests without necessarily making crypto a central issue of their campaign.
Many of the endorsed candidates have supported key legislative priorities for the cryptocurrency industry, including legislation that would establish regulatory authority for various types of digital assets.
The surge in crypto-related political spending comes as the industry seeks to influence future regulation and gain more mainstream acceptance. Sen. Elizabeth Warren (D-Mass.) and Republican challenger John Deaton exchanged cryptocurrency-related questions during Tuesday night’s debate.
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