Crypto industry giants have backed US election campaigns seeking crypto support in the US. A report from Bloomberg on May 17 found that crypto sponsors have spent $94 million in an effort to get pro-crypto regulations in the US.
Most political organizations have pooled member contributions and donations into funds for campaigns for or against candidates, ballot initiatives, or legislation. Super Pac Fairshake has raised more than $85 million to support pro-crypto candidates.
Crypto donations to support a pro-crypto candidate
Members of the organization are contributing and donating to pro-crypto campaigns, aiming to bring about pro-crypto regulations in the U.S. Bloomberg reports that crypto industry donors have pumped $94 million into federal political committees.
The country’s largest political donors include many crypto industry backers, according to OpenSecrets, such as current top donor Jeffrey Yass of Susquehanna International Group, whose interests range from ByteDance to Bitcoin. The donor, who describes himself as a libertarian and Republican, has donated $70 million, with months to go before Election Day.
Fairshake and two affiliated super PACs, Defend American Jobs and Protect Progress, combined to raise $85 million.
Backers include venture capitalists Marc Andreessen and Ben Horowitz, who each donated $9 million to Fairshake; billionaire twins Cameron and Tyler Winklevoss, who each donated $2.5 million; and Coinbase Global Inc. CEO Brian Armstrong, who contributed $1 million. His company also contributed $20.5 million, while Ripple Labs donated $20 million.
Crypto has emerged as a key issue in political campaigns in the United States as several key jurisdictions are regulating digital assets. Crypto industry giants acknowledge that it is important to establish strong regulatory support in the United States for projects and markets to thrive.
The 2024 presidential election is shaping the future of crypto and has emerged as a major issue for commentary from both sides. Voters are getting mixed views from candidates, ranging from hostile to pro-crypto stances.
The impact of the US election on crypto
Solana-based memecoins BODEN and TREMP have surged in the past in response to developments in the US political campaigns. While the Joe Biden administration has not yet fully embraced crypto, former US President Trump has made pro-crypto statements at his rallies.
Trump's videos said that campaign donations could be accepted in crypto, or he would arrange it. The statements and videos from the rally catalyzed a surge in the price of memecoins TREMP and BODEN.
Source: https://tapchibitcoin.io/chien-contribute-chinh-bang-tien-dien-tu-tang-vot-len-94-trieu-usd-truoc-cuoc-vu-my-tang-13.html