While mobilizing voters, another battle behind the scenes of the U.S. elections is unfolding: donations from the crypto sector.
Source: cointribune
Translated by: Blockchain Knight
Today marks a historic moment for America: Americans will decide who will occupy the White House for the next four years, and the suspense between Trump and Harris remains.
While mobilizing voters, another battle behind the scenes of the U.S. elections is unfolding: donations from the crypto sector. This is likely to affect the future financial and political regulations in the U.S.
On November 5, millions of voters were mobilized, with anticipation for the presidential election reaching its peak. Between early voting and mail-in ballots, one-third of voters have already cast their votes.
Meanwhile, this election also involves participation from some traditional small villages, such as Dixville Notch, where voting takes place under the watch of reporters starting at midnight.
This small village in New Hampshire has been closely watched since 1960 and has consistently predicted presidential election outcomes.
It is also here in strategic 'swing states' like Pennsylvania, Georgia, or Arizona where the victor will be decided.
The election outcomes in these states are always unpredictable, yet they hold 88 electoral votes, which are a decisive weight against the 270 electoral votes necessary to win the U.S. election.
In the financial sector, crypto assets have made historic breakthroughs in this election. Donations from the crypto asset field have exceeded $238 million, even surpassing contributions from traditional giants like oil and pharmaceuticals.
The explosive entry of crypto assets has stirred trouble in Washington, with many lawmakers likely to be more amenable to regulations favorable to digital assets.
Major companies in the crypto asset sphere, such as Coinbase, Ripple, and Andreessen Horowitz, have made substantial donations through super PACs.
A joint study by Breadcrumbs and FOX Business reveals impressive numbers:
The largest players in the crypto asset sphere contributed over $160 million
Donated $22 million to Trump's campaign, accounting for more than 50% of all crypto asset donations related to the U.S. elections
Donated $12 million to Harris, most of which came from Ripple XRP co-founder Chris Larsen
Breadcrumbs analyst James Delmore commented, 'These donations clearly indicate that crypto assets intend to have a significant impact on American politics.'
This record amount indicates that stakeholders in crypto assets are willing to position themselves as true financial partners of policymakers while influencing future laws regulating this turbulent market.
The rise of crypto assets in the political arena will naturally invite criticism, with some observers arguing that it is an attempt to manipulate public decision-making.
Rick Claypool, research director at Public Citizen, warned, 'Crypto asset companies are not hesitating to invest millions to shape American democracy in their favor.'
These funds are under close scrutiny for their growing influence on American elections, as they may lead to regulations favorable to the industry.
In the Ohio Senate race, Republican candidate Bernie Moreno, who supports crypto assets, received $40 million from a super PAC backing the industry, raising questions about the influence of these donations.
In light of the substantial influx of these funds, lawmakers and associations are calling for stricter rules to regulate political donations, especially those related to crypto assets, to maintain fairness in the electoral process.
In summary, regardless of the election outcome, crypto assets may become even more powerful.
These donations may pave the way for the arrival of a new political era in America, where digital assets will play a key role in the future of both candidates and the global financial system.
Finally, compared to supporters of Harris, the memecoin backing Trump seems to be increasing, a surprising trend that likely reflects actual voting outcomes.
