Crypto Donations Hit Record $94M as Industry Gears Up for 2024 Election

Crypto industry donations to federal political committees have reached a record $94 million since 2023, surpassing the $83 million donated during the 2020 election cycle. These contributions aim to support pro-crypto candidates in the 2024 election.

The crypto industry has made a record $94 million in political donations since 2023, aiming to bolster pro-crypto governance ahead of the 2024 election. According to a May 17 Bloomberg report, these donations significantly surpass the $83 million contributed during the 2020 election cycle.

Most of these political donations come from political action committees (PACs), which pool member contributions to support campaigns for or against candidates, ballot initiatives, or legislation. PACs strategically allocate funds in primaries to influence candidate selection in favor of their interests.

One of the most prominent contributors is the Super PAC Fairshake, which has raised over $85 million to support candidates who endorse crypto and blockchain technology. Fairshake’s goal is to ensure that elected candidates will advocate for necessary regulations in the cryptocurrency industry.

The largest single contributor from the crypto industry is Jeffrey Yass, a major donor from Susquehanna International Group. Yass, a self-described libertarian, predominantly backs Republican candidates and has already donated $70 million toward political causes, supporting a range of networks from Bitcoin to ByteDance.

As the 2024 election approaches, it has become a critical juncture for the future of cryptocurrency. The US, being a major hub for cryptocurrency development, needs strong regulatory support for the technology. This election could significantly influence the direction of crypto regulations in the country.

A Digital Currency Group poll highlights that cryptocurrency has become a major issue among voters for the 2024 US elections. This is primarily due to the contrasting views held by leading political candidates. The Biden administration has maintained a rigorous regulatory stance, which some interpret as hostile towards the crypto industry. Conversely, the Trump administration aims to foster a more supportive environment for crypto in the US. Trump has publicly stated his intention to prevent crypto businesses from leaving the country due to regulatory hostility, calling for a more embracing approach towards cryptocurrency.

Trump pro-crypto stance, however, has been viewed by some as opportunistic, especially since he has raised less than his primary competitor, the Biden administration, according to a Financial Times report. Additionally, Trump ongoing legal expenses may have prompted his appeal to the industry, as evidenced by his statement during a Q&A session: “If you’re in favor of crypto, you better vote for Trump.”

A 2023 Grayscale survey indicates that US voters want presidential candidates to have an informed perspective on new technologies like crypto. According to a Coinbase report, about 20% of American adults claim to hold crypto. Thus, a pro-crypto stance could be a valuable tool for candidates in the upcoming 2024 election.

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