Cryptocurrency Companies Are Pumping Huge Funds to Influence the 2024 US Election
As the 2024 US election nears its final stages, cryptocurrency companies have begun pumping in massive amounts of money in an attempt to influence the outcome of the election.
According to a report published by the group, Public Citizen This week, nearly half of the money paid by companies to support election campaigns came from the cryptocurrency sector, totaling about $119 million.
Large companies like Coinbase and Ripple accounted for more than 80% of these donations, which mainly flowed to political action committees supporting pro-crypto candidates.
Republican presidential candidate Donald Trump has tried to exploit the rift between the cryptocurrency sector and Democrats to present himself as a pro-crypto option, even hosting a major Bitcoin conference in Nashville last month.
Although money flows to both parties, the cryptocurrency sector is significantly outpacing other traditional sectors like oil and banking, which have historically been the biggest contributors to election campaigns.
Since the Supreme Court ruling in 2010 known as Citizens Unitedwhich allowed unlimited flow of funds from companies in US elections, cryptocurrency donations made up about 15% of total announced donations. Specifically, in this election cycle, more than 90% of that money came from.
The report indicated Public Citizen The cryptocurrency sector’s strategy of pumping money into silencing critics and elevating supporters is an embodiment of the flaw in the Supreme Court’s decision.
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The influence of this money was not limited to the primaries only, but extended to the general elections, as candidates backed by the cryptocurrency sector won 36 out of 42 electoral races.
As Democrats try to find common ground with the cryptocurrency sector, especially after recent tensions, Trump continues to bolster his pro-crypto stance, announcing in July that he had raised $25 million from cryptocurrency stakeholders.
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