Donald Trump has become a prominent figure in the cryptocurrency community, leveraging the support of crypto enthusiasts in his bid for votes and campaign contributions. However, according to a recent Bloomberg report, the biggest names in the crypto industry, like Coinbase Co-Founder and CEO Brian Armstrong, have remained notably absent from his list of financial backers. This also includes Super PACs linked to Coinbase. Interestingly, neither Trump nor his political rival, Vice President Kamala Harris, have received financial support from Armstrong or his exchange.
Rather than focusing on presidential candidates, Coinbase has shifted its financial support toward congressional races, according to Bloomberg. This targeted approach is apparently shaking up elections across the U.S. while pushing cryptocurrency to the forefront of political discussions. Their strategy is paying off, as seen in the growing bipartisan backing for Republican-led crypto legislation, which successfully passed the House of Representatives in May 2024. A similar effort is now underway in the Senate, further advancing the industry’s political influence.
Data from OpenSecrets, as cited by Bloomberg, shows that Coinbase has emerged as the largest crypto donor in the U.S., contributing to an industry that has collectively spent nearly $250 million on political campaigns in 2024 alone. Coinbase itself has reportedly donated over $52 million, making it a significant player in the U.S. political landscape. However, critics are alarmed by the industry’s tactics, warning of the dangers of such heavy corporate involvement in elections. A report from Public Citizen has even likened the crypto industry’s spending to a “corporate Death Star,” intimidating individual candidates and reshaping congressional races to suit corporate demands.
On the other hand, supporters argue that companies like Coinbase are championing the interests of millions of Americans who want access to digital assets. They aim to push through legislation that could establish clear regulatory frameworks for crypto businesses and reduce the reliance on what many perceive as regulation by enforcement from the SEC. This legal clarity is crucial for companies like Coinbase, which is currently battling the U.S. SEC in court, a fight that could shave up to 30% off its revenue, according to Oppenheimer analyst Owen Lau.
In addition to campaign donations, crypto PACs like Fairshake, which Coinbase and others back, have influenced primary races, boasting a success rate of 36 wins out of 42 contests where they were involved. Notably, the PAC has claimed credit for unseating progressive Democrats Jamaal Bowman and Cori Bush in recent primaries, as noted by Bloomberg.
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