Amid Heated Trump-Harris Battle, Crypto Industry Pours 'Unprecedented' $119M Into 2024 Elections

Amid Heated Trump-Harris Battle, Crypto Industry Pours 'Unprecedented' $119M Into 2024 Elections - Here Are The Biggest Donors

Aniket Verma

August 21, 2024

The cryptocurrency industry has reportedly committed a staggering $119 million to the 2024 presidential election, in a coordinated effort to boost industry-friendly candidates and defeat those who are skeptical

What Happened: A report by nonprofit consumer advocacy group Public Citizen revealed that this year’s cryptocurrency industry spending on the elections is unprecedented, making up 48% of all corporate money invested. For context, just over $5 million was poured into the 2020 elections, which is a tiny fraction of this year’s spending.

Major companies, primarily Coinbase and Ripple, have channeled the majority of these funds, almost exclusively into super political action committees (PAC) dedicated to promoting pro-cryptocurrency candidates. The main recipient of this cash boost is Fairshake PAC, which raised a total of $202.9 million.

New @Public_Citizen report shows crypto corporations are exploiting the Supreme Court's 2010 Citizens United ruling to an unprecedented degree, dwarfing spending by Big Oil and other corporate sectors in the 2024 elections. pic.twitter.com/x7ItuKaH0t
— Rick Claypool (@RickClaypool) August 21, 2024

Major crypto corporations, primarily Coinbase and Ripple, have channeled the majority of these funds, almost exclusively into super PACs dedicated to promoting pro-crypto candidates and challenging those skeptical of cryptocurrency. The main recipient of this crypto cash influx is Fairshake PAC, the largest super PAC in this election cycle, with a war chest exceeding $202 million.

The report highlighted that total spending by the cryptocurrency industry has ballooned to $129 million over the last three election cycles, second only to fossil fuel corporations.

See Also: Top Democratic Donor Ron Conway Cuts Ties With Pro-Crypto PACs Over Unseating Senator Sherrod Brown

Why It Matters: The heavy investment by the industry underscores its efforts to make cryptocurrency regulation a key issue for 2024 candidates.

According to Open Secrets, Fairshake PAC has spent $14.8 million in this year’s elections, with more than 90% of it spent against Democratic candidates.

Cryptocurrency has risen as a big political issue in the upcoming elections, with Republican candidate Donald Trump revealing a friendlier stance, while rival Kamala Harris also taking steps to boost the industry’s growth in the U.S.

Photo Courtesy: Shutterstock.com

Did You Know?

Congress Is Making Huge Investments. Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool

Recommended

A 64% Dividend From Gold? - Ad

FDA Submission Expected This Summer - Invest Before It Happens - Ad

Elon's Greatest Invention... Hidden in South Memphis? - Ad

WASHINGTON (AP) — President keeps saying that Republicans' mega legislation will eliminate taxes on federal benefits.

Jeff Bezos, Lauren Sanchez Get Married In A $50 Million Wedding In Venice: From Foam Party On His $500 Million Yatch To Goodie Bags, Here's What We Know

Jeff Bezos and Lauren Sánchez's extravagant $50 million wedding in Venice included a foam party on his $500 million yacht.

The Tesla Shock Nobody Sees Coming

The Tesla Shock Nobody Sees Coming - Ad

While headlines scream "Tesla is doomed"...Jeff Brown has uncovered a revolutionary AI breakthrough buried inside Tesla's labs. One that is helping AI escape from our computer screens and manifest itself here in the real world all while creating a 25,000% growth market explosion starting as early as July 23rd.

BigBear.ai, AMD, QuantumScape, Coinbase, Tesla: Why These 5 Stocks Are On Investors' Radars Today

U.S. stocks ended the day on a high note, with the Nasdaq gaining over 1.4% on Tuesday to 19,912.53. The Dow also traded up 1.2% to 43,089.02, while the S&P 500 rose by 1.1% to 6,092.18. These are the top stocks that gained the attention of retail traders and investors throughout the day:

Nations are meeting to drum up trillions to combat poverty — but the US isn't going

UNITED NATIONS (AP) — Many of the world’s nations are gathering starting Monday in Spain for a high-level conference to tackle the and try to drum up trillions of dollars needed to close it. The United States, previously a major contributor, pulled its participation, so finding funding will be tough.

What's inside Elon's building in Memphis will shock you

What's inside Elon's building in Memphis will shock you - Ad

Inside Elon Musk's Memphis site lies a supercomputer built to power the world's first superhuman AI. It could make Elon a trillionaire - and new millionaires, too. With just $500, you could get in before the July 1st funding window closes.

20 Surprising Reddit Facts To Celebrate Its Milestone Birthday

Here's a look at Reddit's best-kept secrets and odd historical footnotes as the platform turns 20.

Alibaba Cloud Opens Third Malaysia Data Center, Plans Second in Philippines

Alibaba expands cloud networks and AI capabilities globally, opening new data centers in Malaysia, Philippines, and South Korea by 2025.

Is Elon's Empire Crumbling?

Is Elon's Empire Crumbling? - Ad

Jeff Brown - the legend who called Tesla and Nvidia early - says Elon is about to launch a $25T AI revolution. This isn't another chatbot. It's real-world AI that could 14X the impact of ChatGPT. But after July 23rd, it may be too late.

Bitcoin, Ethereum, Dogecoin Gain As Trump Tariffs Deadline Delayed: 'Massive' Altcoin Season In The Works, Says This Analyst

Leading cryptocurrencies rose on Sunday while stock futures fell as the Trump administration extends tariff deadline.

Cuban's AI Prediction, IBM's Rise, Musk's New Hire And More: This Week In AI

Top stories on AI, including Cuban predicting a trillionaire, IBM's success, Musk's xAI hire, and debates on AI's impact on employment.

Do These 4 Things to Your Bank Account Now ...

Do These 4 Things to Your Bank Account Now ... - Ad

A sweeping U.S. policy could soon let the government track-or even freeze-your bank account. But there are 4 simple steps you can take right now to protect your savings before it's potentially too late.

Pastors who endorse political candidates shouldn't lose tax-exempt status, IRS says in filing

WASHINGTON (AP) — The says pastors who endorse political candidates from the pulpit should not have to risk losing their tax-exempt status.

Here's Why 'Altcoin Season' For XRP, ETH, SOL Has Not Happened Yet

Cryptocurrency analyst Benjamin Cowen has argued that an ‘altcoin season‘ has failed to materialize due to monetary policy, liquidity and stubborn Bitcoin (CRYPTO:

Tariff-Driven Cash Payouts, Right Off Your Smart Phone?

Tariff-Driven Cash Payouts, Right Off Your Smart Phone? - Ad

The U.S. Treasury has raked in $15B from Trump's tariffs - and now, thanks to Title 15, you could pocket $100-$1,000 upfront payouts yourself. No stocks needed. Just use your phone and my #1 income strategy to start collecting now.

Wall Street Slumps, Dollar Jumps After Trump's Tariff Blitz: What's Moving Markets Monday?

President Donald Trump sent markets into a tailspin Monday after officially announcing sweeping 25% tariffs on all imports from Japan and South Korea, starting Aug. 1. The new tariffs apply to all goods from the two Asian economies and are in addition to any existing sector-specific duties.

Wild now play at Grand Casino Arena after new naming rights deal succeeds Xcel Energy Center

ST. PAUL, Minn. (AP) — The will play the upcoming season at Grand Casino Arena, after a naming rights deal with the tribal gaming and hospitality company that succeeds the venue's original name, Xcel Energy Center.

Back This Medical AI Tech

Back This Medical AI Tech - Ad

You don't often find healthcare tech company valued at $4M. HeartSciences is an exception. With $75M invested, including R&D, clinical trials, and product development, their patented AI software is approaching FDA submission, a potential major inflection point.

Trump's Decision To End Tax-Free Loophole For Low-Value Goods From China Leads To A Sharp Decline In Air Cargo Shipments

The U.S. ended the tax-free exemption for low-value goods from China in early May, leading to a decline in air cargo shipments.

Home Depot's $5.5B Deal Expands Its Reach To Thousands Of Job Sites

Analyst maintains Buy rating on Home Depot with $450 price target, noting plans for subsidiary SRS Distribution to acquire GMS for $4.3B.

Stunning Trump Policy Unlocks Upfront Cash Payouts

Stunning Trump Policy Unlocks Upfront Cash Payouts - Ad

The U.S. has collected $15B from Trump's tariffs - and now, thanks to Title 15, you could claim your own $100-$1,000 instant upfront cash payouts. No stocks needed. Use your phone and this income technique to collect upfront payouts now.

Telegram's Rumored IPO: What Investors Should Know

The buzz around Telegram's potential initial public offering (IPO) has intensified since the company rolled out $1.7 billion in eurobonds.

Elizabeth Warren Blames Trump's 'Dumb Trade War' For Fed's Grim Outlook: The President Is 'Standing In The Way Of Lower Rates And Lower Costs'

Sen. Elizabeth Warren (D-Mass.) is placing the blame for the Federal Reserve's increasingly grim economic outlook on President Donald Trump's trade and tariff policies.

A 64% Dividend From Gold?

A 64% Dividend From Gold? - Ad

Gold is soaring. But here's what no one's talking about: a way to earn a 64% dividend-paid in real cash every 30 days. No trading. No risky mining stocks. Just one simple move in your brokerage account... and you could start collecting monthly income almost instantly.

Asia Markets Mixed, Europe Edges Lower, Dollar Weakens On Rate Cut Bets - Global Markets Today While US Slept

US markets closed higher on Friday with record highs amid trade optimism and Fed rate cuts. Dow up 1%, S&P 500 up 0.54%, Nasdaq up 0.52%.

Democratic Congressman Tom Suozzi's Stock Sale Used A Disclosure Loophole: Report

Rep. Suozzi under scrutiny for $50,000 stock sale without disclosure. Congress now addressing loophole in law.

FDA Submission Expected This Summer - Invest Before It Happens

FDA Submission Expected This Summer - Invest Before It Happens - Ad

This company is making heart disease easier to detect with AI. Their tech has officially been designated a "Breakthrough" by the FDA. You now have an opportunity to get in at a potential inflection point.

Trump's Sweeping Tax Bill, Tariff Hikes, Gavin Newsom's Tour And More: This Week In Politics

The past week was full of political activity as Trump signed the tax bill. Newsom sparked rumors with a South Carolina tour.

How to manage ADHD at work and turn it into a strength

NEW YORK (AP) — Jeremy Didier had taken her son to a psychologist for a when she spotted an article about women with the condition. As she read it in the waiting room, she thought to herself: They're describing me.

Elon's Greatest Invention... Hidden in South Memphis?

Elon's Greatest Invention... Hidden in South Memphis? - Ad

In South Memphis, I uncovered what could be Elon Musk's biggest invention yet. It's so secretive, rivals are flying drones to spy on it. If you're serious about investing in AI, now's the time to see what's really going on inside those walls.

President Trump announces trade deal with Vietnam that will let US goods into the country duty-free

WASHINGTON (AP) — President Donald Trump announced a trade deal with Vietnam Wednesday that would allow U.S. goods to enter the country duty-free.

Cash-Rich IonQ To Capture 20% Of Quantum Market By 2035

IonQ shares climb as investors rally behind its bold quantum growth strategy and long-term market potential.

The Tesla Shock Nobody Sees Coming

The Tesla Shock Nobody Sees Coming - Ad

Consumer Financial Protection Bureau dismisses $95M overdraft case vs. Navy Federal Credit Union

NEW YORK (AP) — Navy Federal Credit Union will no longer have to refund $80 million to servicemen and women for illegally charging them overdraft fees on their accounts, after the President Donald Trump-led Consumer Financial Protection Bureau moved to dismiss the case.

Ahead of Oasis' tour, a look at famous and brief band reunions: Nirvana, Outkast and more

NEW YORK (AP) — “Don't Look Back in Anger” is good advice for who launch this week in Cardiff, Wales.

What's inside Elon's building in Memphis will shock you

What's inside Elon's building in Memphis will shock you - Ad

Trump Brokers Peace Deal Between DR Congo And Rwanda — Now Eyes Billions In US Investment

Trump brokers a peace deal between DR Congo and Rwanda, aiming to end conflict and unlock U.S. investment in critical African minerals.

Sam Altman Warns Users Not To Blindly Trust ChatGPT Despite Its Rising Fame, Says 'AI Hallucinates, It Should Be The Tech That You Don't Trust That Much'

Sam Altman, the CEO of OpenAI, has cautioned against the unreserved trust that users have been placing in the company's AI chatbot, ChatGPT, despite its increasing popularity.

Is Elon's Empire Crumbling?

Is Elon's Empire Crumbling? - Ad

Mark Cuban Raises Employee Wages After Learning Of Government Aid Dependence

Mark Cuban, owner of the NBA's Dallas Mavericks, expressed his dismay upon learning that some of his employees were reliant on government aid programs.

Trending Now