Crypto cash pouring into campaigns is spread around regardless of party – Washington Examiner
The article discusses the significant financial contributions made by cryptocurrency companies to political campaigns during the current election cycle, highlighting their bipartisan support for candidates from both the Democratic and Republican parties. Despite facing legal challenges from the Securities and Exchange Commission (SEC) and scrutiny from the Biden administration regarding compliance with securities laws, these companies are investing heavily to protect their interests.
Notable players in the crypto sector, such as Coinbase and Ripple, account for a substantial portion of campaign donations, with a watchdog report indicating that cryptocurrency firms represent nearly half of all corporate donations this election cycle. A pro-crypto super PAC named Fairshake notably contributed $75 million in July alone and has pledged to support various candidates across party lines, having successfully backed many who have won their primaries.
As cryptocurrency companies outpace traditional sectors like oil and banking in political donations, both former President Donald Trump and Vice President Kamala Harris are actively seeking the support of the crypto industry ahead of the November elections.
Crypto cash pouring into campaigns is spread around regardless of party
After facing litigation battles with the Securities and Exchange Commission, cryptocurrency companies are pouring millions of dollars into candidates of either party this election cycle who will protect their interests.
While the industry has come under fire with the Biden administration, cryptocurrency companies have donated to both Democratic and Republican candidates.
So far, cryptocurrency companies account for nearly half of all corporate money donated and fundraised this election cycle, according to a report by watchdog group Public Citizen.
Coinbase and Ripple are responsible for 80% of donations this election cycle. Both of which have come under scrutiny by the Biden administration for allegedly violating securities laws.
In just the month of July, the pro-crypto super PAC Fairshake dropped $75 million. It received $49 million from Coinbase, $47 million from Ripple, and $47 million from venture firm Andreessen Horowitz.
OpenSecrets found that the PAC has $120 million left to spend ahead of the November election.
Already, the PAC has pledged $25 million to be spent in the general election cycle on nine Democratic House candidates, nine Republican House candidates, and three races.
Out of the 42 candidates in primary races that received funding from crypto-backed super PACs, 36 won their race.
Half of all corporate donations have come from cryptocurrency companies this election cycle, and former President Donald Trump and Vice President Kamala Harris are both vying to gain the backing of the crypto industry, which is outperforming big oil companies and banks in donations.
Cryptocurrency fundraisers in Nashville and San Francisco have been set up for Trump, who claims he’s raised $25 million from crypto interests. Trump has made promises that if he is elected, the federal government would never sell off its bitcoin holdings.
Meanwhile, Harris has been seeking to distance herself from the Biden administration’s scrutiny of the industry. On Tuesday, her campaign announced policy plans to expand the cryptocurrency sector.
Senate Majority Leader Chuck Schumer (D-NY) also led a virtual town titled “Crypto4Harris,” in which he discussed the possibility that a crypto-friendly law could pass the Senate this year.
The cryptocurrency industry’s rise this election cycle is prominent, as it accounts for 90% of total spending from the industry since 2010.
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