The 2024 US elections have strengthened the crypto industry’s position in the global financial sector. In this presidential race, donations from the crypto sector reached $238 million, outpacing traditional industries such as oil and pharmaceuticals. This development could lead lawmakers in Washington to view digital assets more favorably.
Crypto Donations are at the Top
Individual donations and crypto donations to super PACs totaled $238 million, according to data from the Federal Election Commission. This amount is above the contributions of traditional industries such as oil and pharmaceuticals. Especially Coinbase, Ripple 
$0.511627 and Andreessen Horowitz have backed pro-crypto super PACs totaling more than $160 million.
This huge donation volume represents a remarkable increase, according to a survey jointly conducted by Breadcrumbs and FOX Business. According to Breadcrumbs analyst James Delmore, these donations send a clear message from the crypto industry to US policies: “Current crypto regulations in the US are not working.”
Crypto’s Political Power Is Rising
Both the Trump and Harris campaigns benefited from crypto donations. Trump alone collected more than 50% of these donations. According to FEC data, Trump and Harris together made a total of $34 million. While Trump received $22 million in support from 17 major donors, Harris was able to raise $12 million. 99% of these donations came from Ripple co-founder Chris Larsen.
It’s a similar picture in the Ohio Senate race. Democratic Senator Sherrod Brown trails Republican Bernie Moreno by just 1 percentage point. Moreno received over $40 million in donations from a super PAC that supports crypto.
Criticisms of Crypto Donations
The fact that the crypto industry makes such large donations brings with it criticism that these contributions are intended to influence policies. “Crypto companies spending millions of dollars is an attempt by the industry to manipulate US democracy for profit,” said Rick Claypool, director of research at the consumer advocacy organization Public Citizen.
The crypto industry is gaining power in the political arena, and this power has the potential to influence regulations in the future. This huge increase in donations could lead to digital assets taking a greater role in politics. This can shape the regulations that guide markets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
