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

Mercado Bitcoin and Sui Integrate SUI and Stablecoins for Enhanced Financial Services

Mercado Bitcoin and Sui have announced a significant integration that will allow users to access SUI, USDC, and USDsui, facilitating purchases, sales, and transfers.

user avatarMiguel Rodriguez

Polymarket Reports on October 29 Security Incident

Polymarket reports on a security breach that occurred on October 29, 2023, involving a compromised monitoring script, leading to $39 million in refunds.

user avatarLuis Flores

KuCoin Stops Services for Russian and Belarusian Users

KuCoin has announced the discontinuation of all services for users in Russia and Belarus, effective immediately as of October 29, due to legal and regulatory requirements.

user avatarArif Mukhtar

FCA Confirms HTX Has Ceased Operations in the UK

The Financial Conduct Authority (FCA) has confirmed that HTX is no longer active in the UK following a settlement regarding financial promotions.

user avatarMaria Gutierrez

Strategy's Financial Overview Highlights Cash Management and Asset Valuation

Strategy's Financial Overview Highlights Cash Management and Asset Valuation

user avatarDavid Robinson

Strategy Reports Significant Bitcoin Holdings and Digital Asset Gains

Strategy reports 848,517 BTC holdings and $20.91 billion gains from digital assets.

user avatarAndrew Smith

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.