- Crypto industry donations surpass $200M, highlighting its growing impact on the 2024 U.S. presidential election campaigns.
- Donald Trump leads in crypto-backed donations, receiving substantial contributions from key industry figures and investors.
- Kamala Harris secures notable crypto funding, with Chris Larsen’s $11.7M donation showcasing strong industry support for her campaign.
With just one week left before Election Day, Fox Business journalist Eleanor Terrett shared updated crypto spending figures.
Federal Election Commission (FEC) filings reveal the cryptocurrency industry has donated over $200 million to various political action committees (PACs), candidates, and political organizations. This substantial investment reflects the crypto sector’s influence on the 2024 U.S. presidential election.
Key Crypto Donors to Donald Trump’s Campaign
Donald Trump’s campaign has had major contributions from notable crypto industry figures. Howard Lutnick, a Bitcoin investor and Tether advocate, has donated around $6.4 million. Additionally, Gemini exchange founders Tyler and Cameron Winklevoss have collectively contributed $2.04 million.
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Further contributions to Trump’s campaign include $844,943 from Kraken founder Jesse Powell and $852,396 from Bijan Tehrani, co-founder of Stake. Another significant donor, JP Richardson, CEO of Exodus, contributed $853,914, while entrepreneur Gary Cardone added $844,474. These donations emphasize Trump’s substantial support from the crypto industry’s leading figures.
Kamala Harris Gains Support from Crypto Figures
Vice President Kamala Harris has also had backing from influential players within the crypto industry. Ripple co-founder Chris Larsen leads Harris’s list of donors with a notable $11.7 million contribution, underscoring his commitment to her campaign.
Other supporters include tech investor Vinod Khosla, who donated $1 million, and early Coinbase investor Reid Hoffman, who contributed $250,000. While Harris’s crypto-related donations are less than Trump’s, her support from tech and blockchain investors remains significant.
Elon Musk Emerges as Major GOP Donor
Elon Musk, the world’s richest person, has emerged as a notable donor to Trump’s reelection campaign. Musk is the sole contributor to America PAC, a political action committee he founded. Between July and September, America PAC spent $72 million supporting Trump’s re-election campaign. Musk’s contributions indicate his alignment with the Republican Party’s agenda.
The surge in crypto donations has become a defining factor in the 2024 presidential race. The $200 million in crypto contributions highlights the industry’s interest in shaping regulatory decisions.
Beyond strengthening campaign finances, these donations could sway policies concerning cryptocurrency regulations. With Election Day just around the corner, both Trump and Harris stand to benefit from the crypto industry’s financial support.
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