Crypto political donations surge to $94 million pre election, exceed previous elections by 13%

Source Fxstreet
  • Crypto political action committees and industry donors have poured $94 million into Federal Political Committees since 2023. 
  • Coinbase and Ripple Labs donated over $40 million to political campaigns, supporting the cause for positive crypto regulation. 
  • A Digital Currency Group poll shows that crypto has become a major issue among voters in the 2024 US elections. 

Crypto industry giants supported political campaigns in the US looking for pro-crypto governance in the US. A Bloomberg report from May 17 shows that crypto donors have spent $94 million in an effort to get pro-crypto regulation in the US. 

Most political organizations have pooled member contributions and donated to funds to campaigns for or against candidates, ballot initiatives or legislation. The Super Pac Fairshake has raised over $85 million to support pro-crypto candidates. 

Crypto donations to support a pro-crypto candidate

The organization pool members are contributing and donating funds to campaigns that are pro-crypto, in an effort to bring a pro-crypto regulation in the US. Bloomberg reported that crypto industry donors injected $94 million into federal political committees. 

Giants like crypto exchange Coinbase and Ripple Labs that are currently embroiled in a legal battle with the Securities and Exchange Commission (SEC) have contributed their fair share to donations. 

Coinbase CEO Brian Armstrong personally donated $1 million to the political action committees. Jeffrey Yass is the largest crypto industry contributor and has supported Republican candidates with his $70 million donation. 

Crypto has emerged as a key issue in US political campaigns as several key jurisdictions regulate digital assets. Crypto industry giants acknowledge that it is critical to establish strong regulatory support within the US for projects and the market to flourish. 

The 2024 presidential election is shaping the future of crypto and has emerged as a major issue for comments on both sides. Voters are receiving contrasting views from candidates, ranging from hostility to pro-crypto stances. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Goldman Sachs: Structurally Bullish on Gold to $5,400, But Warns of Short-Term PullbackGoldman Sachs ( GS) 's latest precious metals research report on gold ( XAUUSD) price trends presents a "structurally bullish, tactically cautious" dual outlook, maintaining its year-end
Author  TradingKey
9 hours ago
Goldman Sachs ( GS) 's latest precious metals research report on gold ( XAUUSD) price trends presents a "structurally bullish, tactically cautious" dual outlook, maintaining its year-end
placeholder
UAE Announces Exit From OPEC. Wall Street Warns: Medium-Term Oil Prices Face Downside RisksThe United Arab Emirates (UAE) has officially announced that it will formally withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ alliance on May 1.Bl
Author  TradingKey
13 hours ago
The United Arab Emirates (UAE) has officially announced that it will formally withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ alliance on May 1.Bl
placeholder
Gold holds steady near $4,600 as Fed rate decision loomsGold price (XAU/USD) holds steady near $4,600 during the early Asian session on Wednesday. The precious metal steadies as traders await a key Federal Reserve (Fed) interest rate decision later on Wednesday. 
Author  FXStreet
18 hours ago
Gold price (XAU/USD) holds steady near $4,600 during the early Asian session on Wednesday. The precious metal steadies as traders await a key Federal Reserve (Fed) interest rate decision later on Wednesday. 
placeholder
Fed FOMC Meeting Is Approaching: Where Is the Focus? Will There Be More Rate Cuts This Year?Global financial markets are set for a "Super Central Bank Week" this week, as five major central banks, including the Federal Reserve, the European Central Bank, and the Bank of Japan, a
Author  TradingKey
Yesterday 06: 22
Global financial markets are set for a "Super Central Bank Week" this week, as five major central banks, including the Federal Reserve, the European Central Bank, and the Bank of Japan, a
placeholder
Japanese Yen extends the range play against USD; looks to BoJ for fresh impetusThe USD/JPY pair is seen consolidating in a narrow band around mid-159.00s during the Asian session on Tuesday as traders opt to wait for the crucial Bank of Japan (BoJ) before placing fresh directional bets.
Author  FXStreet
Yesterday 01: 17
The USD/JPY pair is seen consolidating in a narrow band around mid-159.00s during the Asian session on Tuesday as traders opt to wait for the crucial Bank of Japan (BoJ) before placing fresh directional bets.
goTop
quote