Cryptocurrency donations for the 2024 U.S. election have accelerated as the November vote draws closer. Analyst Eleanor Terret shared details on September 13 of an analysis that showed campaign teams across the political divide have attracted $190 million in crypto donations so far.

Having received millions of dollars from crypto billionaires and the broader industry, the 2024 U.S. election cycle is well above the last cycle, dwarfing the combined donations from the crypto industry during the 2020 and 2022 cycles.

Crypto Donations Surge in 2024

In 2020, crypto donations reached roughly $15 million, while the midterm elections in 2022 netted $98 million. The fresh analysis indicates that the crypto industry has so far given over $190 million in political donations in the 2024 U.S. election cycle. Compare this to the 2020 election when crypto made up only $15 million in donations.

Notably, the $15 million in 2020 reportedly included a $5.2 million donation from jailed former FTX chief executive officer Sam Bankman-Fried to the outgoing U.S. President Joe Biden’s campaign. Bankman-Fried was later accused of making more than 300 illegal political donations, with indictments coming after FTX’s collapse.

Major Crypto Contributions in 2024

In 2024, major political donations from the crypto space have included contributions from Coinbase, Ripple, and Gemini executives. Most crypto donations have flowed into non-partisan groups and political action committees (PACs).

Crypto Super PACs

These PACs, such as Fairshake, aim to elect crypto-friendly legislators amid the quest for more presence for the crypto voice in Congress. However, former President Donald Trump has received a fair share of these donations. Meanwhile, a super PAC supporting Kamala Harris has also started accepting such contributions.

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