Of the $1.5 billion donated to U.S. election campaigns by the top 50 donors, nearly $200 million came from crypto companies. Although still ongoing, the U.S. election campaign has been marked by the importance of the issue related to cryptocurrencies.
Crypto companies among top 50 biggest donors to US election campaign
According to Federal Election Commission (FEC) data for the period January 1, 2023 through August 20, 2024, The 50 biggest donors to the US election campaign spent no less than $1.5 billion.
The vast majority of donors have made their donations with political action committees (PACs)deemed independent of political parties and election candidates.
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While some PACs do not distinguish between the Republican and Democratic parties, only caring about the cause that drives them, such as cryptocurrencies, others do not hesitate to show their preference for one of the two candidates in the running for the White House.
Among the 50 largest donors, we find individuals acting in their own name, but also companies that, consequently, show their support for a cause and for one of the 2 candidates. Also, This donation campaign was marked by the presence in this ranking of several players from the Web3 ecosystem.
Thus, in 2nd place in the ranking is CoinbaseThe cryptocurrency exchange has donated no less than $91 million to several PACs, including one in particular: Fairshake. This Pro-Crypto Political Action Committee Received $86 Million From Coinbase And Showed No Attachment To Either Candidate.
At the same time, the company has given about $1.5 million to 2 PACs also pro-crypto : one supporting Kamala Harris (Protect Progress) and the other Donald Trump (Defend American Jobs).
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Cryptocurrencies, an important issue in the American presidential elections
This donation strategy is actually the one used by 3 other crypto companies also present in the ranking. Thus, In 9th place among donors, we find Ripple Labsthe company behind the Ripple protocol, which funded the same 3 PACs. In total, $49 million were paid to these committees, including $45 million to Fairshake.
The 10th in the ranking is none other than the a16z investment fundwho also made a considerable donation of $44 million to Fairshake, and 2 donations of approximately $1.5 million to Protect Progress and Defend American Jobs respectively. Finally, Jump Crypto Nestles in 37th Place for Donors with $15 Million of donations distributed in the same way.
Coinbase, Ripple Labs, a16z Among Top 10 Donors to US Candidates
These significant donations made by these 4 companies prove that Cryptocurrencies are a major issue in the US presidential elections scheduled for early November.
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In this matter, Republican candidate Donald Trump appears to have a head start over rival Kamala Harriswhich suffers from the conservative position of Joe Biden, the current president and former Democratic presidential candidate, around cryptocurrencies.
Donald Trump has positioned himself as a businessman who cares about the issue, promising major changes in favor of Bitcoin and cryptosA strategy that did not please the democratic clan. which has been active for several weeks to find a solution and convince the sector to support Kamala Harris.
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Source: Washington Post
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Surprised by the rise of crypto-assets in the late 2010s, I started to closely follow this sector that fascinates me to the highest degree. When I am not in football stadiums, rugby or handball halls, I work on writing relevant articles about cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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