While Bitcoin (BTC) and the cryptocurrency sector played a major role in the 2024 US elections, large amounts of donations were made from the crypto sector to US federal election campaigns.
According to Coindesk, cryptocurrency companies donated $119 million to US federal election campaigns.
Crypto companies donated $119 million to US federal election campaigns, according to the latest report from Public Citizen.
This figure accounts for almost half of total corporate donations ($248 million).
The vast majority of these donations went to pro-crypto super political action committees (PACs) like Fairshake.
These donors included Coinbase, Ripple (XRP), and other crypto companies.
According to the report, $107.9 million of the $203 million raised by Fairshake came directly from crypto companies, while this figure also includes large donations from wealthy and well-known figures in the tech and crypto industries, such as Gemini founders and Coinbase CEO Brian Armstrong.
Rick Claypool, Public Citizen’s research director, said the crypto industry’s political spending in the 2024 elections is “unprecedented.”
US Presidential candidate Donald Trump also announced that he accepted BTC and cryptocurrencies as donations during his election campaign.
*This is not investment advice.