Cryptocurrencies Gained Power with Political Donations in the USA

According to investment bank TD Cowen, cryptocurrencies gained strength thanks to donations made before the US presidential election.

Pro-cryptocurrency political action committee Fairshake PAC and other affiliates have raised more than $100 million for this year's presidential election.

More than half of that was given by companies like cryptocurrency exchange Coinbase and XRP developer Ripple Labs. These funds were used to support the campaigns of pro-cryptocurrency politicians in the United States.

“We believe this monetary support explains why the SEC approved Ethereum ETFs and why the House of Representatives passed legislation to structure crypto markets,” TD Cowen analysts said.

Analysts expect this to “positively impact this year’s stablecoin design and the market structure in 2025.”