The crypto world has reached a big moment by giving a record $94 million since 2023 to support people and ideas that are pro-crypto. A report from Bloomberg on May 17 shows this big jump in giving money to political groups, more than the $83 million given in the 2020 election. Most of this money comes from groups called PACs, where people put their money together to support or not support political people or ideas.
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- The crypto world has given a huge $94 million to political causes since 2023, more than ever before for elections.
- Groups like Fairshake have collected over $85 million to help people who like crypto and blockchain, changing how politics works.
- With crypto being important to voters, the 2024 election is very big for what will happen with crypto rules in the U.S.
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Crypto Industry’s Political Donations Surge to Record $94 Million Ahead of 2024 Election
Big Giving from Crypto Groups
Among these PACs, Fairshake is a big name, raising over $85 million to support people who are for crypto and blockchain. Fairshake’s big goal is to make rules that help the crypto world grow. Fairshake recently spent over $10 million on ads that stopped a Democratic candidate for U.S. Senate in California, keeping her off the ballot.
Big names in crypto, like Marc Andreessen and Ben Horowitz, gave $9 million to Fairshake. Big crypto companies like Coinbase and Ripple Labs gave a lot, too—$20.5 million and $20 million. Brian Armstrong, the boss of Coinbase, gave $1 million because he really doesn’t like anti-crypto rules.
Important Crypto Givers and Their Effects
Jeffrey Yass from Susquehanna International Group is the top crypto giver, with $70 million given to different political causes. Yass, who likes the idea of being free to do what you want, mostly gives to Republican people and ideas, from Bitcoin to ByteDance.
Why Crypto Matters in the 2024 Election
The 2024 election is very important for what will happen with crypto in the U.S. As the country becomes a big place for crypto, making friendly rules is very important. A poll by Digital Currency Group shows that crypto is becoming a big deal for voters, with different political people having different ideas about it.
While the Biden team is strict with crypto rules, former President Trump wants to make it easier for crypto businesses. Trump’s recent talk suggests he would be more relaxed with crypto rules if he comes back. But, reports say Trump’s fundraising is not as much as the Biden team’s. Also, Trump’s legal problems might make the crypto world less likely to support him.
A 2023 survey by Greyscale shows voters want presidential candidates to know about new things like crypto. According to a Coinbase report, about 20% of American adults have crypto, so being pro-crypto could greatly help in the 2024 election.
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