{"id":90946,"date":"2024-05-18T00:56:37","date_gmt":"2024-05-18T04:56:37","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=90946"},"modified":"2024-05-18T00:56:39","modified_gmt":"2024-05-18T04:56:39","slug":"political-donations-hits-record-91m-of-crypto-pre-2024-election","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=90946","title":{"rendered":"Political Donations Hits Record $91M of Crypto Pre 2024 Election"},"content":{"rendered":"
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The crypto industry has made a record $94 million in political donations since 2023 in an effort to support pro-crypto governance.<\/p>\n

According to a May 17 Bloomberg report, crypto industry donors have contributed $94 million to federal political committees since 2023. This is more than the $83 million donated during the last 2020 election cycle.<\/p>\n

Most political donations come from political action committees (PACs). These organizations pool member contributions and donate the funds to campaigns for or against candidates, ballot initiatives, or legislation.<\/p>\n

PACs strategically allocate funds in primaries to influence candidate selection that is favorable to their interests.<\/p>\n

Who is Making Crypto Political Donations?<\/h2>\n

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The Super PAC Fairshake has raised over $85 million to support political candidates who endorse crypto and blockchain technology in the upcoming election.<\/p>\n

Fairshake seeks to ensure that elected candidates will advocate for establishing and adopting much-needed regulations for the cryptocurrency industry.<\/p>\n

Most recently, Fairshake spent over $10 million successfully opposing a Democratic U.S. Senate candidate in California through a series of negative ads that helped keep her off the ballot.<\/p>\n

Fairsake\u2019s mission has attracted the attention of major players in the crypto space, including venture capitalists Marc Andreessen and Ben Horowitz, who each gave Fairshake $9 million.<\/p>\n

They have also attracted large crypto firms like Coinbase, which donated $20.5 million, and Ripple Labs, which contributed $20 million, according to the report.<\/p>\n

Coinbase CEO Brian Armstrong has been vocal about his opposition to anti-crypto governance and contributed $1 million personally.<\/p>\n

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Welcome to the club \u2013 you’re in good company \ud83d\ude42 <\/p>\n

The courts will help get clarity \u2013 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. <\/p>\n

Hope y’all can join us! https:\/\/t.co\/TONaXX2vlv<\/p>\n

\u2014 Brian Armstrong (@brian_armstrong) May 7, 2024<\/a><\/p>\n<\/blockquote>\n

The largest crypto industry contributor is Jeffrey Yass, a major donor from Susquehanna International Group, who supports a range of networks from Bitcoin to ByteDance.<\/p>\n

Describing himself as a libertarian, Yass predominantly backs Republican candidates and has already donated $70 million toward political causes.<\/p>\n

Crypto in the 2024 Election<\/h2>\n

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Elections are now crucial to the future of cryptocurrency. As major jurisdictions slowly become hubs for cryptocurrency development, it is critical to establish strong regulatory support for the technology.<\/p>\n

One of the most influential is the US. The 2024 election is shaping up to be key in the future of cryptocurrency in the country.<\/p>\n

According to a Digital Currency Group poll, this has become a major issue among voters in the 2024 US Elections.<\/p>\n

This is primarily fueled by the contrasting views held by leading political candidates. The current Biden administration has displayed a rigorous regulatory standpoint, which some interpret as hostility.<\/p>\n

On the other hand, the Trump administration seeks to foster a more supportive environment for crypto in the US. During a Q&A session, he agreed that many cryptocurrency businesses are leaving the country \u201cbecause of the hostility.\u201d<\/p>\n

\u201cWell, we\u2019ll stop it because I don\u2019t want that\u2026 If we\u2019re going to embrace [crypto], we have to let them be,\u201d he claimed.<\/p>\n

This move has been under question as opportunistic, however. He has raised much less than his primary competitor, the Biden administration, according to a Financial Times report.<\/p>\n

In addition, Trump\u2019s ongoing legal expenses may have prompted a personal appeal to the industry.<\/p>\n

\u201cIf you\u2019re in favor of crypto, you better vote for Trump,\u201d Trump said during a Q&A.<\/p>\n

A 2023 Greyscale survey indicates that US voters want presidential candidates to have an informed perspective on new technologies like crypto.<\/p>\n

According to a Coinbase report, about 20% of American adults claim to hold crypto. Therefore, a pro-crypto stance may be a valuable tool in the upcoming 2024 election.<\/p>\n<\/p><\/div>\n