As a seasoned political analyst with over two decades of experience under my belt, I’ve witnessed the evolution of various industries influencing election outcomes. However, the rapid growth and influence of the cryptocurrency industry in this year’s elections is unprecedented.
In under two days before the 2024 U.S. election polls close, a Political Action Committee (PAC) has disclosed that it has amassed millions of dollars with the intention of backing pro-cryptocurrency candidates in the 2026 midterm elections.
On November 4th, according to a statement released by Fairshake PAC, they disclosed receiving a total of $78 million in donations. This sum includes contributions from cryptocurrency exchange Coinbase and venture capital firm Andreessen Horowitz amounting to $48 million, as well as the $30 million that was already held in their account.
On October 30th, Coinbase’s CEO, Brian Armstrong, declared a generous donation of $25 million to an organization called Fairshake. Meanwhile, it was reported that the Political Action Committee (PAC) received $23 million from Andreessen Horowitz.
According to a representative from Fairshake, there has been a significant change in the perspective that both parties (companies or organizations) now hold towards cryptocurrencies and blockchain technology.
“We look forward to continuing our strategy of supporting candidates on both sides of the aisle who believe in advancing American innovation, creating jobs, and working together to pass responsible regulation.”
Influence of the crypto industry in an election year
2024 U.S. Elections: Millions in Crypto Industry Funding is channeled via Political Action Committees (PACs) such as Fairshake and its associates, Defend American Jobs and Protect Progress, to back both Democratic and Republican candidates by purchasing media advertisements.
As a crypto investor, I’ve observed that a substantial portion of funds has been allocated towards the Ohio Senate race, where Republican candidate Bernie Moreno aims to challenge incumbent Senator Sherrod Brown, who is currently the chair of the Senate Banking Committee.
On November 5th, Election Day, we’re anticipating closely fought contests in various races, making it uncertain if Republicans will continue to hold the House of Representatives or Democrats take over the Senate come 2025. Predictions about the presidential race between Vice President Kamala Harris and Donald Trump are quite evenly split among pollsters, suggesting a close call.
Both Vice President Harris and former President Trump have expressed their intent to foster the growth of the cryptocurrency sector should they be re-elected, as seen by the latter’s late efforts to woo voters who are passionate about this specific issue.
False information regarding the policies of both candidates and the election is prevalent across various social media sites. On October 30, MicroStrategy’s executive chairman, Michael Saylor, posted a fabricated statement attributed to Trump about altering taxes related to Bitcoin (BTC).
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2024-11-04 19:52