With only a week left for the U.S. Presidential Elections, the cryptocurrency industry is making a notable impact on the political financing, with recent filings from the Federal Election Commission (FEC) revealing that crypto related contributions have surpassed $200 million. This substantial financial backing is directed towards various political action committees (PACs), candidates, and organizations, highlighting the sector’s increasing influence in U.S. politics.
🚨NEW: With just one week out from Election Day, we’re getting some new #crypto election spending numbers. According to recent @FEC filings, the crypto industry has now donated well over $200 million to various PACs, candidates and political organizations. More to come on this.…
— Eleanor Terrett (@EleanorTerrett) October 29, 2024
Major Donors to Presidential Candidates
In the race for presidency, contributions have been made to both leading candidates:
Candidates supporting Donald Trump
- Howard Lutnick, a prominent Bitcoin investor and advocate for Tether, has emerged as a significant donor, contributing approximately $6.4 million.
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The founders of Gemini exchange, Tyler Winklevoss and Cameron Winklevoss have collectively donated $2.04 million.
- Other notable contributors include Jesse Powell, founder of Kraken, with $844,943, and Bijan Tehrani, co-founder of Stake who donated $852,396.
- Additionally, J.P. Richardson, CEO of Exodus, contributed $853,914, while entrepreneur Gary Cardone donated $844,474.
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Candidates Supporting Vice President Kamala Harris
- Chris Larsen, co-founder of Ripple, leads with an impressive donation of $11.7 million.
- Tech investor Vinod Khosla has contributed $1 million, while early Coinbase investor Reid Hoffman has added $250,000 to her campaign.
The Broader Picture
This influx of donations reflects a strategic effort by the crypto industry to support candidates who are favorable to their interests amid increasing regulatory scrutiny. With nearly half of corporate donations this election cycle coming from crypto firms, their influence on policy and candidate positions is set to be a pivotal factor in shaping the future of crypto.
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