- The 2024 U.S. election has already attracted $190 million in crypto donations, surpassing previous election cycles.
- Major political donations from the crypto sector have come from Coinbase, Ripple, and Gemini, fueling the election.
- Pro-crypto candidates, including Trump and Kennedy, drive significant donations as they pledge crypto-friendly policies.
Cryptocurrency donations for the 2024 U.S. election have skyrocketed, reaching an unprecedented $190 million as the November vote approaches. This figure, highlighted in a recent analysis shared by Fox journalist Eleanor Terret, significantly surpasses the total contributions from the 2020 and 2022 election cycles combined.
only $15 million in 2020
In 2020, crypto donations amounted to just $15 million, including a $5.2 million contribution from former FTX CEO Sam Bankman-Fried to Joe Biden’s campaign. The midterm elections in 2022 saw a notable increase, with donations hitting $98 million. However, the 2024 election cycle has eclipsed these figures, driven by a surge in political interest from the cryptocurrency industry.
The emerging support for pro-crypto candidates can explain the encouraging increase in contributions on the other hand. As a result, politicians such as former US President Donald Trump or Robert F. Kennedy Jr. who are both pro-cryptocurrency have been actively luring in big donations. Also, there is a centralized exchange, its head has made significant promises like Trump’s brag and provides great criticism about Gary Gensler which invokes donations in the crypto world.
At the same time, the Democratic candidate, Kamala Harris also has taken a cut of crypto donations though her ambivalent position has been understandable. Harris has suggested a “cryptocurrency reset,” which can be seen as some easing of the hard-line stance on regulation of crypto-assets taken by Biden’s administration. It has also brought some hope for the market participants who think that the authorities have been too aggressive against the industry.
No longer is it only debates and campaign strategies as elections are set to start. Inconvenient but necessary actions, reforming Political Action Committees (PACs) such as Fairshake to elect candidate legislatures favorable to cryptocurrency is rather the order of the day.
The rise of cryptocurrency donations emphasizes how crucial the 2024 election is for the industry. Over $190 million has been donated so far and the upcoming vote may stand to drastically influence how cryptocurrency will be regulated or adopted in the United States.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
