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 Hiding Place 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, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Optimism Releases Required Batcher Update v1170

Optimism has announced the release of opbatcher v1170, which is mandatory for operators using the batching infrastructure for OP Stack chains.

user avatarAndrew Smith

NEAR Developers Release First Candidate for nearcore 2140

The NEAR developers have published the first release candidate for nearcore 2140, introducing significant protocol and database changes.

user avatarJacob Williams

Lido Completes Winddown of Regular Simple DVT Clusters

Lido has successfully completed the winddown of its regular Simple DVT clusters, marking a significant step in the decentralization of its validator operations.

user avatarZainab Kamara

Avalanche Schedules Helicon Network Upgrade for September 22

Avalanche has announced the Helicon network upgrade for its mainnet, set to activate on September 22 at 1500 UTC.

user avatarSon Min-ho

Uniswap Proposes Protocol Fee Rollout to Circles Arc Blockchain

Uniswap Labs has introduced a proposal to extend its protocol fee collection and UNI burn infrastructure to the Arc blockchain.

user avatarAyman Ben Youssef

Aave V4 Now Live on Circle's Arc Blockchain

Aave V4 has officially launched on Circle's newly established Arc blockchain, featuring key assets such as USDC, EURC, cirBTC, and WETH.

user avatarTando Nkube

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.