The crypto industry has seen a surge in political donations, reaching a total of $94 million since 2023. This marks an increase from the $83 million donated during the previous 2020 election cycle. Most of these donations come from political action committees (PACs), which strategically allocate funds to influence candidate selection in primaries. One prominent PAC, Fairshake, has raised over $85 million to support candidates who endorse crypto and blockchain technology. Major players in the industry, including venture capitalists Marc Andreessen and Ben Horowitz, as well as firms like Coinbase and Ripple Labs, have made significant contributions to Fairshake.
Fairshake’s mission is to ensure that elected officials advocate for the establishment and adoption of necessary regulations for the cryptocurrency industry. The PAC recently spent over $10 million opposing a Democratic U.S. Senate candidate in California, successfully keeping her off the ballot through negative ads. Prominent figures like Coinbase CEO Brian Armstrong have shown their support for Fairshake, with personal contributions of $1 million. The largest contributor to the crypto industry’s political donations is Jeffrey Yass, a donor from Susquehanna International Group who supports various networks from Bitcoin to ByteDance, and has donated $70 million towards political causes.
The 2024 election is shaping up to be crucial for the future of cryptocurrency, particularly in the United States. As major jurisdictions become hubs for cryptocurrency development, regulatory support for the technology is essential. The differing views on cryptocurrency among political candidates have made it a key issue for voters in the upcoming election. The current Biden administration has displayed a strict regulatory stance, while the Trump administration has shown a more supportive attitude towards crypto. Trump has pledged to create a more welcoming environment for cryptocurrency businesses, contrasting with the perceived hostility under the Biden administration.
A poll conducted by Digital Currency Group has highlighted the importance of cryptocurrency in the 2024 US Elections. The contrasting views of the leading political candidates have led to a significant focus on crypto policies. Trump’s appeal to the crypto industry has been seen as opportunistic, especially considering his lower fundraising compared to the Biden administration. However, the support for crypto from presidential candidates is crucial, as indicated by a Greyscale survey showing that US voters want informed perspectives on new technologies like crypto. With about 20% of American adults holding cryptocurrencies, a pro-crypto stance may play a significant role in the outcome of the 2024 election.
Overall, the crypto industry’s political donations have reached record levels, highlighting the growing influence of the sector in shaping governance and policy. Organizations like Fairshake are actively supporting candidates who endorse crypto and blockchain technology, with significant contributions from industry leaders and major firms. The upcoming 2024 election, particularly in the US, is seen as a critical moment for the future of cryptocurrency, with differing views on regulation and support for the industry among political candidates. The stance on crypto policies has become a key issue for voters, with the potential to impact the outcome of the election and shape the regulatory landscape for cryptocurrencies in the years to come.
