Crypto Donations Exceed $238 Million This US Election
- Patricia ArquetteOriginal
- 2024-11-05 15:52:17397browse
The 2024 US elections have changed the dynamics of the crypto industry bringing it to the forefront of the global financial industry.
The 2024 US elections have brought about a significant shift in the dynamics of the crypto industry, propelling it to the forefront of the global financial landscape. For the first time ever, crypto donations in this presidential election have surpassed $238 million, outpacing contributions from established industries such as oil and pharma. This development is expected to influence lawmakers in Washington to adopt a more favorable stance towards the digital assets industry.
According to data obtained from Federal Election Commission filings, $238 million in crypto donations have been made as individual donations and contributions to super PACs, exceeding contributions from traditional industries. Some of the largest contributors from the crypto industry include crypto exchange Coinbase, blockchain payments firm Ripple, and venture capital giant Andreessen Horowitz, which together donated over $160 million to pro-crypto super PACs that supported candidates like John Deaton in the Congressional race.
Analytics platform Breadcrumbs conducted a survey together with FOX Business on the overwhelming crypto donations. Speaking on the development, James Delmore, a research analyst at Breadcrumbs said:
“The crypto industry is sending a clear message to American politicians and elected officials with these donations: Current cryptocurrency regulations and policies are not working in the U.S.”
Of the total donation of $238 million, $181 million came from donations made to super PACs. However, the other $57 million came in the form of individual contributions from top industry players like Ripple co-founder Chris Larsen, Gemini crypto exchange founders Winklevoss twins, Andreessen Horowitz founding partners Marc Andreessen and Ben Horowitz.
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