The cryptocurrency industry has raised over $137 million for the 2024 US elections, with the majority ($117 million) coming from the Fairshake super PAC funded by major crypto companies like Coinbase, Ripple, and Kraken.[1] Most of this money has not been spent yet, but around $20 million has gone towards supporting Republicans or opposing Democrats, including $10 million spent by Fairshake on attack ads against Democratic Senate candidate Katie Porter.[1]
This massive political spending is seen as a potential factor in recent crypto-friendly moves by regulators and lawmakers, such as the SEC approving spot Ethereum ETFs and the House passing crypto market legislation.[2] It may also boost the chances of passing a stablecoin bill this year.[2]
Key Points
Crypto industry has raised over $137 million for 2024 elections, with $117 million from Fairshake super PAC.[1]
Around $20 million spent so far, mostly supporting Republicans and opposing Democrats.[1]
$10 million spent by Fairshake on attack ads against Democrat Katie Porter.[1]
Spending may have influenced SEC's Ethereum ETF approvals and House crypto markets bill.[2]
Could increase likelihood of passing a stablecoin bill in 2024.[2]
Key Points