CandleFocus Crypto industry wields growing influence in US politics with donations climbing over $190 million
2024-10-22
Author: Content Editor
The US crypto industry has seen a surge in political donations, surpassing $190 million as the election cycle nears its end. This marks a significant increase from previous cycles, with donations jumping nearly 13-fold from $15 million in 2020. Crypto companies have contributed nearly half of all corporate donations this cycle, with over $130 million funneled into congressional races to secure pro-crypto representation. The pro-crypto PAC, Fairshake, has distributed nearly $29 million in September alone, with donations favoring both Democrats and Republicans. California, with its high concentration of blockchain firms, remains a focal point for the industry. Donations have also been directed to key states like New York, Nevada, and Illinois.
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