CNBC
Hey folks.
Over $94 million in political donations has been made by the crypto industry since 2023 in order to support pro-crypto governance.
Donors of crypto industry have contributed $94 million to federal political committees since 2023 according to Bloomberg report on May 2017. This exceeds the $83 million given in the most recent election cycle of 2020.
Political action organizations (PACs) are the primary source of political donations. These groups combine the donations of their members and use the money to support or oppose political campaigns, ballot initiatives, or laws.
PACs deliberately spend money in primaries to sway the choice of candidates in a way that best serves their objectives.
To support political candidates who endorse cryptocurrency and blockchain technology in the coming elections over $85 million has been raised by the Super PAC Fairshake.
Fairshake seeks to make sure that the candidats being elected will support establishing and adopting regulations that are much needed for the crypto industry.
Reportedly, over $10 million was spent by Fairshake successfully in opposing a Democratic United States candidate in California through a series of negative ads which helped her keep off the ballot.
The mission of Fairshake has garnered the attention of major players in the crypto industry which includes Venture Capitalist Marc Andreesen and Ben Horowitz each giving Fairshake $9 million.
According to the report, they have also drawn major cryptocurrency companies like Coinbase, who donated $20.5 million, and Ripple Labs, which contributed $20 million.
CEO of Coinbase Brian Armstrong has personally donated $1 million and expressed his strong opposition to anti-crypto governance.
The largest contributor is Jeffrey Yass, a big donor from Susquehanna International Group, who supports multiple networks, he predominantly supports Republican candidates and already donated $70 million toward political causes.