Former President Donald Trump and current Vice President Kamala Harris are in a heated race to win the support of crypto industry leaders. In just 15 years since their inception, Cryptocurrencies have rapidly shifted from a niche financial technology to a significant political issue in the U.S.
Crypto has been at the center of political discourse lately, and it’s clear that regulation and policy surrounding crypto will be pivotal in shaping the future of the U.S. economy. Political candidates, recognizing the sector’s growing importance and influence, are increasingly incorporating crypto policy into their platforms.
In the 2024 U.S. presidential election, crypto policies have emerged as a critical issue, with candidates fighting to win the support of a growing bloc of crypto voters. Both the candidates, Donald Trump and Kamala Harris are paying close attention to the crypto narrative, consulting with industry leaders to craft their policies. As they navigate this complex landscape, many are betting on politics to determine how these evolving crypto policies will shape their campaigns and influence the outcome of the election.
Coinbase’s Chief Legal Officer, Paul Grewal, has provided insight into how both campaigns are engaging with the crypto industry. Trump and Harris campaigns are actively working with high-level crypto executives to shape their crypto policies. This was pointed out by the popular crypto Twitter account Altcoin Daily.
BREAKING NEWS:
Both Donald Trump and Kamala Harris are working with high level crypto industry leaders to “develop their crypto policies.”
Coinbase executive reveals ALL: pic.twitter.com/EqaQCEiRwo
— Altcoin Daily (@AltcoinDailyio) September 3, 2024
Trump & Harris Received Millions in Crypto Donations
Crypto firms have made significant contributions to the 2024 U.S. federal elections, with donations surpassing $119 million. This represents nearly half of all corporate political donations made during this election cycle, totaling about $248 million.
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Much of this money has flowed into super PACs like Fairshake. Fairshake was specially designed to support candidates favorable to the crypto industry. Coinbase, Gemini, and Ripple have been major contributors to these efforts.
This level of contribution marks a significant shift for the crypto industry, as it surpasses traditional powerhouses like Koch Industries. To put things in perspective, in 2024, Koch Industries contributed $25 million through its Americans for Prosperity Action PAC.
Even though historically Koch Industries ruled the PAC donations, this election cycle their donations dwarfs when you compare to the crypto donations.
The reasons for these astronomical numbers from the crypto elites are simple. Crypto has not been a popular legislation to support for politicians and only big money can change that. Last election cycle we saw Sam Bankman be the biggest contributor to the democratic party. This election cycle many others have learnt from SBFs efforts.
These donations are aimed at ensuring favorable regulation, especially as the U.S. government grapples with how to classify and oversee digital assets. The growing influence of crypto PACs is already being felt in key political races, where candidates backed by the industry have won 36 out of 42 elections involving crypto super PAC funding.
As Paul Grewal said in his interview, both the Trump and Harris campaigns are actively working with crypto industry leaders to shape their policies. Grewal emphasized that while Trump has been more explicit in his pro-crypto stance, the Harris campaign has also shown an open-minded approach to digital assets.
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The involvement of crypto leaders from both candidates, catalyzed by all the crypto corporate money coming in their campaigns, shows how pivotal the industry will be in shaping U.S. policy moving forward.
Also Read: Will Gemini’s Cryptic Ripple X Post Push XRP Price to $0.6?
