or the first time in history, the crypto sector is playing a major role in the influence of political elections. In 2024, crypto related donations for political parties has hit a record high exceeding $190 million dollars approximately, with potentially more to come. To put things into perspective, during the 2020 elections, crypto donations accounted to only $15 million dollars. This highlights the growing crypto industry and maturity.
Strategic Spending
One of the biggest players playing a major role in the donations is Fairshake, a pro cryptocurrency PAC that donated more than $29 million dollars last month alone. The donations were not specific to one party but both democrats and republicans.
California's Critical Role
The California state played a critical role with most donations going to this state and its political representative. This highlights California state’s important role as a hub for the crypto sector and its influences on the future of crypto regulations and regulatory decisions. It is important to note that California is not the only state playing a role on tis matter, other states such as New York, Nevada, and Arizona, have shown to be involved as well.
Crypto's Big Bet on Politics
The unprecedented level of the cryptocurrency industry influence as well as the political donations, highlights its determination to influence future regulatory policies through strategic bipartisan support in important political elections.
