As the US presidential elections on November 5, 2024 approach, the growing influence of the digital currency industry is in the spotlight. Crypto companies, activists and super PACs (political action committees) have spent huge sums in this election cycle, exceeding even the usual big donors like the Koch family. As Election Day approaches, the world is about to find out just how much weight this industry has on the political equation.
Record expenditure that is higher than other departmental categories
According to the reports of the Federal Election Commission, the crypto industry has contributed almost $120 million to the 2024 elections in the United Statestherefore higher than all other departments in terms of election expenditure.
With a major pro-crypto super PAC, Fairshake, raised more than $204 million alone for the 2024 election cycle.
While this political action committee donated to both parties, they only spent against Democrats in the primaries, specifically targeting Senators Katie Porter and Cori Bush who lost their seats.
The influence of the crypto industry has been particularly concentrated in Ohio, where the favorite Democratic Senator Sherrod Brown is now neck and neck with the Republican Bernie Moreno, a blockchain entrepreneur. Crypto supporters have spent tens of millions supporting Moreno.
Trump and Harris will court the crypto voters
Aware of the issues, the two main candidates for the White House increased their appeals to the crypto community during their campaign:
- Donald Trumpafter calling cryptos a scam, he changed his mind. He now promises to make the United States the “crypto capital of the planet” if elected. This rhetoric pays off: a PAC pro-Trump gathered anyway $7.5 million in crypto offerings since June.
- Kamala Harris more directly but he is beginning to show strong support for the sector. At a Wall Street fundraiser in September, she said a Harris administration would “promote innovative technologies like AI and digital assets while protecting consumers and investors.” “
For JP Richardson, CEOExodus Crypto Wallet, Trump’s victory remains the best outcome for crypto as he “advocates to regulate crypto so that it becomes a mainstream financial product”. Richardson personally donated up to $844,000 to the Trump campaign.
Cryptos are betting heavily on these elections
In addition to the race for the White House, the influence of crypto is felt at all levels of the polls. The defense group Stand with Crypto focus on voter registration and pro-crypto candidate information. Exodus specifically they paid them $1.3 million to help with education in swing states.
According to Barry DiRaimondo, co-founder and CEO of the crypto real estate fund Digital SteelWavecompanies in the sector remain politically neutral and have it both ways. But there is no doubt that the outcome of the polls on November 5 will have a major impact on the future of this successful business. The battle for victory has just begun.
My name is Marie, I am 31 years old and I specialize in artificial intelligence and economics for this magazine. My job is to research current events to bring you the most accurate and relevant information. For me, information is a conversation, a human story that deserves to be told with understanding and urgency.
