Crypto industry has donated $94 million to the 2024 US election, setting a new record

According to data disclosed by Bloomberg, the crypto industry has donated $94 million to federal political committees for the 2024 US election, a record high, higher than the amount donated during the previous election cycle in 2020 ($83 million). Most donations come from political action committees (PACs), which pool member donations and donate funds to campaigns, voting initiatives or legislation that support or oppose candidates. Fairshake and two affiliated super PACs, "Defend American Jobs" and "Protect Progress," raised a total of $85 million. Fairshake aims to support political candidates who support cryptocurrency and blockchain technology in elections. Venture capitalists Marc Andreessen and Ben Horowitz each donated $9 million to Fairshake. In addition, Coinbase and Ripple Labs donated $20.5 million and $20 million, respectively. Coinbase CEO Brian Armstrong has been outspoken against anti-crypto governance and personally donated $1 million. (Cryptonews) Previously, according to a report by Public Citizen, external lobbying groups related to the cryptocurrency industry have raised more than $102 million to lobby for digital asset-friendly candidates in the upcoming U.S. congressional elections. As the industry faces increasing scrutiny from regulators such as the U.S. SEC and lawmakers, cryptocurrency companies hope to shape policies that influence their own interests.