Crypto Companies Invest $119M in 2024 U.S. Election Race

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Massive Crypto Company Investments
  2. Funding Through Super PACs
  3. Impact on Election Outcomes


    4. Crypto companies, such as Coinbase and Ripple, are actively participating in the 2024 U.S. elections by investing large sums of money to support their candidates.

    Massive Crypto Company Investments

    Currently, companies like Coinbase and Ripple have invested over $119 million in an attempt to ensure their candidates win. These investments are aimed at supporting politicians who are pro-crypto.

    Funding Through Super PACs

    Most donations are funneled into so-called super PACs (Political Action Committees) that exist to back pro-crypto politicians and oppose their adversaries. For instance, the Fairshake PAC has raised $202.9 million, with more than half coming from crypto companies. Big-time venture capitalists and known figures in the crypto industry are also involved. Among them are Andreessen Horowitz's founders, who donated $44 million, the Winklevoss twins with $5 million, and Coinbase CEO Brian Armstrong, who contributed $1 million.

    Money moves the needle. For better or worse, that's how our system works.Brian Armstrong

    Impact on Election Outcomes

    Since the Citizens United ruling, super PACs have become a popular method of election funding. Over the past decade, 25 of the wealthiest individuals have contributed $1.4 billion to support their candidates through super PACs. In the last three election cycles alone, crypto companies have contributed $129 million, accounting for 15% of all corporate contributions since 2010. This strategy seems to be paying off: out of 42 primary elections where crypto-backed super PACs got involved, they won 36. Legislative changes are also occurring: 71 Democrats supported a bill to transfer crypto regulation from the SEC to the CFTC, against the Biden administration's stance. Donald Trump, who was previously skeptical about crypto, now claims he'll make the U.S. the 'crypto capital of the planet,' and Kamala Harris and Chuck Schumer are also showing support for the crypto industry.

    Crypto companies are actively changing the U.S. political landscape by using their resources to support candidates and shift legislation in their favor. Their influence on the upcoming elections continues to grow.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

Prediction Markets Show Shifts in Oil Price Expectations

chest

Prediction markets are reacting to oil price fluctuations, with traders speculating on whether crude will reach $120 or fall to $55 first.

user avatarAisha Farooq

Record Diesel Prices Hit Ahead of Midterm Elections

chest

Record diesel prices reached a high of 594 a gallon, raising concerns about consumer affordability ahead of the midterm elections.

user avatarLi Weicheng

Brent Crude Surpasses $100 Amid Geopolitical Tensions

chest

Brent crude oil prices rose above $100 for the first time in six weeks due to geopolitical tensions, including attacks on Saudi oil facilities and US military responses.

user avatarLeo van der Veen

OpenAI Claims to Solve Navier-Stokes Equations Amid Controversy

chest

OpenAI announced on September 8, 2026, that it has solved the Navier-Stokes equations, a significant problem in mathematics, but faces criticism from NYU mathematician Tristan Buckmaster regarding the originality of the solution.

user avatarTenzin Dorje

Cronos Reverses Transactions to Mitigate Exploit Damage

chest

Cronos blockchain network rolled back nearly two hours of transaction history to recover funds after a significant exploit of the Tectonic lending protocol.

user avatarBayarjavkhlan Ganbaatar

MEXC Introduces Opportunity Compass for Enhanced Market Understanding

chest

MEXC has launched Opportunity Compass, an educational initiative aimed at helping users understand both crypto and traditional financial markets.

user avatarMohamed Farouk

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.