Record $91M in Cryptocurrency Donations for Political Campaigns Ahead of 2024 Election

The Surge in Crypto Industry Political Donations

The crypto industry has seen a significant increase in political donations, totaling $94 million since 2023. This surge is aimed at supporting governance that is favorable to cryptocurrencies.

Contributions from Political Action Committees (PACs)

Most of the donations originate from Political Action Committees (PACs), which strategically allocate funds to influence candidate selection and support legislation that aligns with their interests.

Key Players in Crypto Political Donations

The Super PAC Fairshake has raised over $85 million to endorse political candidates who support crypto and blockchain technology. Major figures like Marc Andreessen, Ben Horowitz, and companies like Coinbase and Ripple Labs have made substantial contributions to Fairshake.

Jeffrey Yass: Leading Crypto Industry Contributor

Jeffrey Yass, a prominent donor from Susquehanna International Group, has emerged as one of the largest contributors in the crypto industry, supporting various networks from Bitcoin to ByteDance.

The Impact on the 2024 Election

The upcoming 2024 election holds significant importance for the future of cryptocurrency, especially in the US. The differing views of political candidates on crypto regulation have become a major issue among voters.

Contrasting Views of Political Candidates

The Biden administration has shown a strict regulatory stance, while the Trump administration aims to create a more supportive environment for crypto in the US. This contrast has sparked discussions on the future of cryptocurrency in the country.

Public Opinion and the 2024 Election

A Digital Currency Group poll reveals that cryptocurrency has become a focal point for voters in the upcoming US Elections. With around 20% of American adults holding crypto, a pro-crypto stance may influence the election outcomes.