Cryptocurrency donations have hit $238 million in the 2024 US election, making the industry as a leading sector in Washington politics.
Crypto donations have soared to new heights in the 2024 US election cycle, with over $238 million in contributions. This makes crypto one of the most influential industries in Washington, estimated to contribute 48% of total corporate donations.
Recent data suggests that cryptocurrency donations have outpaced traditional heavyweights such as oil and pharmaceuticals.
This surge is setting the stage for the crypto industry to wield unprecedented influence over policymaking in the US capital.
The majority of these crypto donations are channeled through individual contributions and super PACs, with high-profile players, including Coinbase, Ripple, and Andreessen Horowitz (a16z), contributing majorly. Together, these three entities contributed a staggering $160 million in support of pro-crypto candidates like John Deaton.
The bulk of the cryptocurrency donations, about $181 million, have flowed through super PACs, with the remaining $57 million in individual donations. High-profile crypto industry leaders such as Ripple’s co-founder Chris Larsen, Gemini founders Winklevoss twins, and Andreessen Horowitz partners Marc Andreessen and Ben Horowitz have made big contributions.
Breadcrumbs’ research analyst James Delmore believes that the crypto industry is signaling politicians that the current regulatory framework is not working for the investors. These crypto donations underscore the industry’s determination to secure a more favorable regulatory environment, which advocates believe is essential for sustaining the digital asset economy in the United States.
Notably, several reports indicate that a crypto super PAC has spent over $137 million on campaigns and ads.
Crypto Donations Reaches Both Presidential Camps
Candidates in both major parties are benefiting from the industry’s growing influence. Former US president Donald Trump has raised $22 million from 17 major crypto backers. Trump has repeatedly promised to make the US the global hub for cryptocurrency. He has also disclosed plans to establish a council aimed at designing transparent and regulatory frameworks for the cryptocurrency industry, in addition to dismissing the current SEC Chair, Gary Gensler.
In contrast, Vice President Kamala Harris has amassed $12 million, largely from Ripple’s co-founder Chris Larsen. Larsen has donated nearly $11.7 million, much of it in XRP. Harris has mostly been quiet on the crypto topic but stated in September that she will encourage “innovative technologies like AI and digital assets.”
Additionally, crypto enthusiast Elon Musk has donated $75 million to a pro-Trump Super PAC, though these funds were reportedly not in the form of cryptocurrencies.
What’s Next for Bitcoin?
As the 2024 elections unfold, the outcome may well shape the direction of crypto regulation and adoption in the US. Analysts speculate that a Trump win could drive Bitcoin prices higher. Renowned trader Daan Crypto Trades recently predicted a potential 10% swing in Bitcoin’s price depending on election outcomes.
Bitcoin BTC $68 627 24h volatility: 2.4% Market cap: $1.37 T Vol. 24h: $38.32 B is currently trading at around $68,750, down 6.8% from its all-time high of $73,750, achieved in March of this year. The largest cryptocurrency has performed well in October, with its value trading above 10% in the past 30 days. While BTC trades sideways in the short term, crypto supporters are closely watching the election outcomes.
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