New research on September 13 on the impending election date by Fox journalist Eleanor Terret shows that gifts to the 2024 U.S. election have grown dramatically and today equal $190 million. The statistics show that the crypto company is rather profitable for various political projects.
Reviewing prior elections reveals astonishing $190 million in crypto donations. Showing for the 2020 campaign more than $15 million, the Exchange market Currently incarcerated, former FTX CEO Sam Bankman-Fried gifted Joe Biden an amazing $5.2 million.
Bankman-Fried is under investigation by police as he spent more than $300 on political campaigns in a manner deemed illicit prior to FTX shutdown.
On the other hand, the midterm elections of 2022 witnessed $98 million in Exchange payments still much less than what we seen earlier times.
Many of these gifts will make their way to PACs and non-partisan organizations, same as Fairshake. These PACs aim to support lawmakers who will forward the crypto industry. This is thus because businessmen wish Congress greater authority to create better policies on their operations.
Executives of Gemini, Coinbase, and Ripple have lavished large presents. Stated differently, Exchange leaders are fast rising in political relevance. Donald Trump, former president with strong support among the crypto community, has also benefited from these money. Furthermore, a super PAC supporting vice president Kamala Harris is currently crypto-consuming.
Crypto Industry Increases Influence On Capitol Hill With 2024 Donations
The quick rise in Exchange donations suggests that the business wants more impact on Capitol Hill and generates stronger laws passed. Many corporate employees feel that politics greatly shapes the path of digital assets in the US since laws pertaining cryptocurrencies are still under development.
As the 2024 election approaches, it is remains to be seen how these skills could impact campaigns and the legislation in a world where Exchange is continually changing.
A significant portion of these donations is flowing into non-partisan groups and political action committees (PACs), such as Fairshake. These PACs aim to support the election of lawmakers sympathetic to the cryptocurrency industry, as the sector seeks more influence in Congress and clearer regulatory frameworks.
Major political contributions have come from executives at Coinbase, Ripple, and Gemini, highlighting the growing role of Exchange leaders in shaping political landscapes. Former President Donald Trump has also benefited from these donations, receiving notable backing from the crypto space. Additionally, a super PAC supporting Vice President Kamala Harris has begun accepting Exchange contributions.
The sharp rise in crypto donations reflects the industry’s desire to secure favorable legislation and expand its presence on Capitol Hill. With the U.S. regulatory environment for cryptocurrency still in flux, many within the industry view political involvement as critical to shaping the future of digital assets in the country.
