- The crypto industry raised over $238 million this election cycle, outpacing oil and gas contributions significantly.
- Major donors like Coinbase and Ripple support pro-crypto candidates, pushing for favorable regulations and policies.
- Chris Larsen and Donald Trump are among the top recipients of crypto donations, reflecting strong political engagement in the sector.
The cryptocurrency industry recently raised over $238 million for candidates in this election cycle. This amount surpasses contributions from the oil and gas, pharmaceutical industries, and even Citadel, a major Wall Street donor.
According to Breadcrumbs and FOX Business, the crypto sector is sending a strong message, current regulations are ineffective. The industry’s significant financial influence is a clear sign of its growing importance in U.S. politics.
Major Contributors and Their Impact
Supporting candidates in Congressional races, Coinbase, Ripple, and Andreessen Horowitz donated $160 million to pro-crypto super PACs.Consequently, roughly $181 million of the total raised came from donations to super PACs. Moreover, $57 million went to individual candidates. This demonstrates a concentrated effort to influence policies favoring cryptocurrency.
Ripple co-founder Chris Larsen donated over $11 million to Vice President Kamala Harris’s campaign, primarily in XRP. This highlights a trend of industry leaders backing candidates who align with their interests. In contrast, former President Donald Trump has received $22 million from the crypto sector, reflecting strong support from this community.
Political Strategy and Future Implications
The analysis reveals that Trump and Harris together received about $34 million from crypto donors. This illustrates the sector’s strategic focus on candidates who engage with cryptocurrency issues. More than half of these donations went to these two presidential candidates. Consequently, this could shape future policies affecting the industry.
The contributions also underscore the crypto industry’s opposition to current regulatory measures. Many leaders believe that the Biden administration’s approach is detrimental to growth. As a result, they seek to support candidates who promise a more favorable regulatory environment. This investment in political influence may lead to changes in how cryptocurrency is regulated in the U.S.
