The crypto industry is flexing its financial muscle, with Super Political Action Committees (PACs) amassing a massive $102 million war chest to influence the 2024 US elections.
Funding Surge Led by Crypto Billionaires
Rick Claypool of Public Citizen reports that crypto companies, executives, and their allies are pouring millions into campaigns. Their goals include supporting pro-crypto candidates and blocking regulations that aim to hold the industry accountable.
Over half of the funds come from corporate giants like Coinbase and Ripple Labs, while the rest is donated by crypto billionaires and venture capitalists. Notably, four of the eight corporate donors have faced SEC charges for alleged securities violations.
Crypto PACs Target Primary Races
Crypto Super PACs have already made their presence felt in primary races, with only one crypto-backed candidate losing out of six completed races. Eleven more primaries involving crypto-backed candidates are still underway.
Swing State Voters Demand Regulation
A study by Digital Currency Group (DCG) reveals that over 20% of voters in swing states consider digital assets a key issue in the 2024 election. The survey suggests that a pro-crypto stance can benefit candidates and policymakers.
Voters in these states are calling for “reasonable regulations” that protect consumers while allowing for innovation.
Crypto Industry’s Growing Political Influence
Julie Stitzel of DCG emphasizes that the crypto industry is on the minds of swing state voters, and a positive stance on digital assets can be advantageous.
Kristin Smith of the Blockchain Association agrees, highlighting the growing relevance of digital assets in shaping the electoral landscape in 2024.
