The crypto industry is significantly contributing to the upcoming US 2024 elections, pouring substantial funds to support various political candidates and committees.
Major Donors
Cameron and Tyler Winklevoss, who made their fortune in crypto, are the biggest individual donors from the crypto industry this election cycle, contributing over $10 million. Their donations include about $1.7 million in Bitcoin to the Trump 47 Committee and over $700,000 supporting the pro-Trump Make America Great Again PAC. They have also given $4.9 million to the bipartisan Fairshake PAC, a group pushing for crypto-friendly policies.
Contributions from Ripple and Coinbase
Executives from Ripple have collectively donated more than $3 million to various candidates and committees. Ripple co-founder Chris Larsen has made nearly $2.4 million in donations, mostly supporting Democratic candidates. Coinbase CEO Brian Armstrong has given over $1.3 million to a mix of committees, including Fairshake and JD Vance for Senate Inc, supporting both Democratic and Republican candidates.
Impact on Political Campaigns
Donations from the crypto industry have had a significant impact on political campaigns in the US. For example, during a June fundraiser organized by David Sacks in San Francisco, Ripple's Chief Legal Officer Stuart Alderoty expressed frustration with the SEC. These changes have resulted in a more diversified donor list compared to previous years, including contributions from both Republican and Democratic supporters.
The crypto industry's contributions to the US 2024 political campaigns demonstrate its growing influence and dedication to protecting its interests through political actions. Donations come from various industry players, regardless of their political affiliation.
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