With Election Day approaching, updated figures reveal substantial contributions from the cryptocurrency industry, significantly shaping the 2024 presidential race. Recent Federal Election Commission (FEC) filings show that the crypto sector has donated over $200 million to political action committees (PACs), candidates, and political organizations. This significant financial commitment underscores the industry’s strategic interest in influencing U.S. regulatory policies.
Many of these donations have been directed toward former President Donald Trump’s campaign. Howard Lutnick, a Bitcoin investor and vocal Tether supporter, provided around $6.4 million. Tyler and Cameron Winklevoss, creators of the Gemini exchange, contributed an additional $2.04 million. Other prominent crypto personalities backing Trump include Kraken founder Jesse Powell ($844,943), Stake co-founder Bijan Tehrani ($852,396), Exodus CEO JP Richardson ($853,914), and entrepreneur Gary Cardone ($844,474). These donations demonstrate the crypto community’s overwhelming support for Trump.
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Kamala Harris Secures Crypto Industry Backing
Vice President Kamala Harris has also received significant contributions from the crypto sector. Ripple co-founder Chris Larsen leads her list of donors with a $11.7 million donation, highlighting his commitment to her campaign. Other prominent supporters include tech investor Vinod Khosla, who donated $1 million, and early Coinbase backer Reid Hoffman, who contributed $250,000. The total crypto donations that Harris has received are less than Trump’s, but the support for Harris from the tech and blockchain community stays significant.
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Gaining a new dimension to campaign funding, the world’s richest man, Elon Musk, has been identified as a major donor to Trump’s re-election bid. The richest man on the planet, Musk, personally covers all expenses for America PAC – a political committee that spent $72 million on Trump’s advertising from July through September. All his contributions make him fit into the Republican party and support Trump’s campaign.
The substantial crypto donations have become a defining element in the 2024 election, signaling the industry’s intentions to shape the regulatory landscape. With Election Day near, the financial support from these influential crypto figures positions Trump and Harris with robust backing in their race to the White House.
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.