Crypto Donations Towards Elections Exceed Those of Pharma and Oil Giants

The 2024 United States elections have significantly impacted the cryptocurrency landscape, elevating its importance within the global financial sector.

Crypto-related donations have soared past $238 million for the first time, surpassing contributions from traditional sectors like pharmaceuticals and oil. This unprecedented level of support is expected to push policymakers in Washington toward more crypto-friendly regulations.

Some of the most prominent contributors from the sector include major players such as Ripple, Coinbase, and Andreessen Horowitz. Collectively, these firms have contributed over $160 million to pro-crypto political action committees (PACs), backing candidates with crypto-friendly agendas such as John Deaton, who is running for Congress.

A report on these donations was published by analytics firm Breadcrumbs in collaboration with FOX Business. Breadcrumbs research analyst James Delmore commented on the findings, noting that the donations are sending a message from the crypto industry to lawmakers: the current cryptocurrency policies in the U.S. need reform.

Of the $238 million raised, the majority—$181 million—was funneled through super PACs, while the remaining $57 million came from individual industry players. Notable contributors include Chris Larsen, Ripple’s co-founder; the Winklevoss twins, founders of Gemini; and Ben Horowitz and Marc Andreessen, founding partners of Andreessen Horowitz.

Both Kamala Harris and Donald Trump received notable support from the crypto sector. According to data from the Federal Election Commission (FEC), Trump garnered more than half of these donations, totaling over $22 million from 17 key donors. In contrast, Kamala Harris received around $12 million, with 99% of her crypto-related donations coming from Ripple’s Chris Larsen.

Several other candidates are making competitive bids in the elections as well. In the Ohio Senate race, for instance, incumbent Democrat Sherrod Brown holds a slim 1% lead over Republican challenger Bernie Moreno. Moreno has actively courted crypto supporters, with pro-crypto PACs donating more than $40 million to his campaign. This narrow margin raises the question of whether a strong crypto voter base could sway the outcome.

The large donations have drawn criticism from those who see this influx of money as an effort by the crypto industry to shape policy for its benefit. According to Public Citizen’s research director Rick Claypool, the massive spending by crypto executives and firms is an overt attempt by a small sector to skew U.S. democracy to suit its profit-driven agenda. “The crypto industry’s massive investment has made it impossible to ignore its demand for less regulation and oversight,” he added.

As the elections unfold, the influence of crypto donations and their implications on policy continue to be closely observed, marking a pivotal moment for both the industry and American politics.

Now that Trump has been elected as the new POTUS, crypto industry actors like BitFuFu Inc. (NASDAQ: FUFU) are waiting to see if he will translate his campaign promises into policy actions that support the growth of the industry.

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