As a seasoned crypto investor with a decade-long journey in this dynamic digital frontier, I find myself both intrigued and slightly amused by the surge of cryptocurrency donations in the 2024 U.S. election cycle. Having witnessed the nascent stage of crypto donations in the 2020 elections, it’s fascinating to see the industry’s influence growing exponentially, eclipsing even the combined contributions of the previous cycles.
As the November 2024 U.S. election approaches, the pace of cryptocurrency contributions has picked up speed.
As a researcher delving into the realm of political financing, I recently unveiled intriguing findings from my analysis, which revealed that campaign teams, spanning various ideological lines, have garnered approximately $190 million in cryptocurrency donations up until September 13th.
In the 2024 U.S. election cycle, contributions from crypto billionaires and the broader industry have surpassed the previous cycle significantly. In fact, these donations are so substantial that they overshadow the total contributions made by the crypto sector during both the 2020 and 2022 elections combined.
0nly $15 million in 2020
Back in 2020, my crypto contributions added up to approximately $15 million. However, the midterm elections held in 2022 managed to gather a staggering $98 million. That’s quite a difference!
🚨NEWS: As per recent findings by @JamesDelmore1 and @AppBreadcrumbs, the cryptocurrency sector has contributed a substantial $190 million in political donations during the 2024 U.S. election cycle. Contrast this with the 2020 elections where contributions from crypto amounted to just $15 million.
Further insights…
— Eleanor Terrett (@EleanorTerrett) September 13, 2024
Remarkably, it’s been noted that the reported $15 million in 2020 funds included a significant contribution of $5.2 million from incarcerated ex-CEO of FTX, Sam Bankman-Fried, to the campaign of then-outgoing U.S. President Joe Biden.
According to a previous report from crypto.news, SBF (Sam Bankman-Fried) faced accusations for allegedly making over 300 unlawful political contributions. These charges were brought forth following the collapse of FTX, with indictments being issued subsequently.
Crypto super PACs
2024 saw significant political contributions from cryptocurrency sector leaders such as Coinbase, Ripple, and Gemini executives. As per a recent study by Public Citizen, the majority of these crypto donations have been directed towards non-partisan organizations and political action committees.
These platforms, including Fairshake, are focusing on electing lawmakers who are supportive of cryptocurrencies, as they strive to increase the influence of the crypto community within Congress.
On the other hand, former President Donald Trump, as well as a political action committee backing Vice President Kamala Harris, have both begun receiving similar types of financial support.
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2024-09-13 20:50