Cryptocurrency Donations Surge to $190 Million Ahead of 2024 US Election

Cryptocurrency Donations Surge to $190 Million Ahead of 2024 US Election

Cryptocurrency donations for the upcoming 2024 US election have surged as the November vote approaches.

On September 13, Fox journalist Eleanor Terret highlighted an analysis showing that campaign teams from both sides of the political spectrum have so far secured $190 million in crypto contributions. This figure marks a significant increase from previous election cycles, with donations from crypto billionaires and the broader industry far exceeding past levels.

Back in 2020, crypto donations amounted to just $15 million, while the 2022 midterms saw an uptick to $98 million. The 2020 donations notably included $5.2 million from now-incarcerated former FTX CEO Sam Bankman-Fried to then-presidential candidate Joe Biden. Bankman-Fried would later face allegations of making over 300 illegal political donations, following the collapse of FTX.

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In the 2024 election, prominent donations from the crypto industry have come from executives at companies like Coinbase, Ripple, and Gemini. Many of these contributions have flowed into non-partisan organizations and political action committees (PACs). Reports from Public Citizen reveal that PACs like Fairshake are working to elect legislators who are supportive of the crypto industry, hoping to increase the sector’s influence in Congress.

While most donations have gone to non-partisan groups, former President Donald Trump has also received a notable portion of these contributions, and a super PAC backing Vice President Kamala Harris has begun accepting crypto donations as well.