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

XRP Ledger Achieves Key Milestone with AMM Amendment

chest

The XRP Ledger has achieved 80 validator consensus for its Automated Market Maker amendment, marking the start of the activation window for native AMM functionality.

user avatarElias Mukuru

Solana Validator Adoption of v118 Client Reaches 85% of Consensus Stake

chest

The adoption of the v118 client by Solana validators has reached a significant milestone, marking 85% of consensus stake.

user avatarDiego Alvarez

Sui Foundation Unveils $10 Million Fund for AI and DeFi Development

chest

The Sui Foundation has launched a $10 million ecosystem fund aimed at fostering decentralized AI infrastructure and DeFi protocols on the Sui blockchain.

user avatarKenji Takahashi

Aave Governance Approves Parameter Update for Base Mainnet

chest

Aave governance has approved a parameter update for the Base mainnet in its v3 deployment, focusing on risk settings and collateral caps to enhance liquidity access and manage risk effectively.

user avatarMaria Fernandez

Chainlink Expands CCIP Infrastructure to Avalanche and Polygon

chest

Chainlink has launched its CrossChain Interoperability Protocol (CCIP) on Avalanche and Polygon, enhancing crosschain token transfers.

user avatarGustavo Mendoza

Hyperscale Data Ceases Bitcoin Mining to Focus on AI

chest

Hyperscale Data has ceased Bitcoin mining operations at its Michigan facility to accommodate a new AI customer, potentially generating over $12 billion in revenue.

user avatarRajesh Kumar

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.