The U.S. cryptocurrency industry has overtaken some traditional big spenders in the 2024 election cycle in a bid to make Washington more favorable toward digital assets. According to an analysis of Federal Election Commission filings by blockchain analytics platform Breadcrumbs and FOX Business, the digital asset industry has raised at least $238 million so far this election cycle from corporate contributions to super PACs and individual donations to candidates from top industry leaders.
The crypto industry is sending a clear message to American politicians and elected officials with these donations: Current cryptocurrency regulations and policies are not working in the U.S.," said James Delmore, a research analyst at Breadcrumbs. Indeed, of the $238 million raised by the digital asset business and executives, roughly $181 million comes from crypto firms’ donations to super PACs.
Bitcoin Magazine CEO David Bailey, who secured Trump as a keynote speaker at the Bitcoin Conference, gave just under $500,000 in bitcoin to the former president, while Ripple’s general counsel, Stuart Alderoty, gave $300,000 in XRP.