The Crypto Industry’s Influence on the 2024 Election Cycle: How Trump and Harris are Shaping Races

The cryptocurrency industry has emerged as a major player in the upcoming US presidential election, with millions of dollars being spent on pro-crypto candidates. According to Federal Election Commission filings, crypto companies, executives, and super PACs have collectively spent nearly $120 million on federal races as of August, surpassing spending by other major industries.

One of the leading pro-crypto super PACs, Fairshake, raised over $204 million for the 2024 election cycle and has supported candidates from both parties. However, the PAC has notably spent over $13 million against Democratic candidates, including Sen. Katie Porter, Rep. Jamaal Bowman, and Rep. Cori Bush, who lost their primaries.

The influence of the crypto industry is particularly evident in the race in Ohio, where Democratic Sen. Sherrod Brown is facing a tough challenge from Republican Bernie Moreno, a blockchain entrepreneur. Crypto supporters have poured tens of millions of dollars into supporting Moreno’s campaign.

Former President Donald Trump and Vice President Kamala Harris have also made efforts to court the crypto community during their campaigns. Trump, who previously criticized crypto as a scam, has recently expressed support for the industry, promising to make America “the crypto capital of the planet.” Harris, on the other hand, has shown more reserved support for crypto, emphasizing the need to protect consumers and investors while encouraging innovation in digital assets.

Industry leaders have expressed hope that a crypto-friendly Congress or president could influence government regulations on digital currencies and provide clearer guidelines for crypto companies. Some executives, like JP Richardson, CEO of Exodus Crypto Wallet, have made significant contributions to political campaigns, with Richardson donating $844,000 to Trump’s campaign.

The upcoming election will reveal the extent of the crypto industry’s influence on shaping government policies and regulations. As candidates from both parties vie for support from the crypto community, the outcome of the election could have far-reaching implications for the future of digital currencies in the United States.