Crypto Industry Spends $190 Million in Political Donations for US Elections
CryptoNewsTerminal Staff13 Sep, 2024
Crypto Industry Spends $190 Million in Political Donations for US Elections
The crypto industry has made a significant impact on US elections this year, with donations totaling over $190 million. This far exceeds the $15 million donated during the last election cycle in 2020. The increased spending highlights the growing influence of the crypto industry and its desire to shape the regulatory landscape. Candidates from both parties have received donations, indicating bipartisan support for the industry. Some of the largest donors include Sam Bankman-Fried, the CEO of FTX, and Stephen Curry, the NBA star and investor in FTX. The donations have raised concerns about the potential for undue influence on policymakers. However, the crypto industry argues that its donations are simply a form of political speech and that it has the same right to participate in the political process as any other industry. Only time will tell what impact the crypto industry's donations will have on the outcome of the elections. However, it is clear that the industry is playing an increasingly active role in US politics.
