With the 2024 presidential elections approaching, cryptocurrency donations have surpassed $190 million in the U.S., including $130 million for legislative campaigns.
As the 2024 presidential elections near, cryptocurrency donations have once again gained prominence, surpassing $190 million. In order to convince voters that the cryptocurrency ecosystem in the United States is healthy, veterans of the cryptocurrency business and attorneys such as John Deaton are making the final push.
US Election Crypto Donations on the Rise
As of this year, the total amount of cryptocurrency payments to political campaigns in the United States Presidential Elections 2024 has surpassed $190 million. CNBC reported that legislative elections, including the primaries, have received a total of $130 million of these donations.
Since Ripple’s Chris Larsen has been contributing enormous quantities of money to Kamala Harris, the Democratic nominee for president, the debates around cryptocurrency donations have once again become a topic of intense interest. Recent allegations that suggest Larsen has donated more than ten million dollars to Kamala Harris have sparked significant outrage from the XRP community.
In addition, Larsen had already contributed one million dollars worth of XRP to the Harris Victory Fund. This comes as a surprise when one considers the fact that the government of Vice President Joe Biden fought a worldwide campaign against Ripple over the sale of XRP as securities.
The co-founder of Ripple, Brad Garlinghouse, made the following statement in response to this new development: “We need to immediately change course from this administration’s misguided war on crypto”.
A political action committee (PAC) supporting former President Donald Trump has collected approximately $7.5 million in cryptocurrency donations. According to a filing with the Federal Election Commission, donors to the Trump 47 joint fundraising committee contributed in a variety of cryptocurrencies, including Bitcoin, Ethereum, and XRP, as well as dollar-pegged stablecoins such as Tether (USDT) and USDC.
Fairshake, which is one of the most expensive political action committees (PACs) this year, has been focusing on close House contests in the United States elections. During the month of September, the committee distributed a total of $29 million to various recipients.
The committee distributed a total of twenty million dollars to two associated political action organizations (PACs). A committee with a Republican tilt that focuses on bitcoin and blockchain policy received $15 million from the Defend American Jobs Political Action Committee. Five million dollars have been donated to Protect Progress, an organization that exclusively supports Democratic candidates.
The remaining $8.8 million was spent by Fairshake on House campaigns in their respective states of New York, Nevada, and California. James Delmore, an analyst for the cryptocurrency market, stated in an interview with CNBC that the cryptocurrency market has responded positively to the increasing likelihood that Donald Trump would win the election.
“Fairshake’s donations to candidates in toss-up districts are critical. It’s not just about securing pro-crypto politicians in key House seats, but also maintaining California’s position as a hub for the crypto industry.”
In addition, according to the statistics provided by Polymarket, Donald Trump has just taken a significant lead over Kamala Harris, with his chances of victory increasing to 63.5%.Altcoins also took part in the rally that occurred in the cryptocurrency market during the previous weekend, which was fueled by Bitcoin’s ascent to $69,000.
On the other hand, the market is experiencing rejection because important resistance levels are now waiting for the next major trigger. Therefore, market analysts believe that Donald Trump’s re-election to the White House will benefit the cryptocurrency industry overall during his tenure in the United States. This sentiment was expressed by Ryan Lee, the Chief Analyst at Bitget Research:
“The main drivers are Trump’s rising odds of winning the election and a technical rebound in Bitcoin’s price. Trump is a known supporter of Bitcoin, and his increasing odds of winning are seen as a positive signal for the market”.
