Crypto industry political donations since 2023 exceed last U.S. presidential election cycle

PANews, May 17: According to Bloomberg, crypto industry donors have donated $94 million to federal political committees since 2023, exceeding the $83 million in the previous election cycle to support their allies in Congress. . According to data from OpenSecrets, the largest political donors in the United States include several crypto industry supporters. For example, Jeffrey Yass of Susquehanna International Group, whose interests range from ByteDance to Bitcoin, has donated $70 million. Yass, a self-described libertarian, supports the Republican Party.

Fairshake and its two associated super PACs, Defend American Jobs and Protect Progress, have raised a combined $85 million. Notably, the Bloomberg report adjusted Fairshake’s fundraising totals to remove double-counting of in-kind donations in the form of cryptocurrencies and their conversion to U.S. dollars. It was reported earlier this month that a cryptocurrency super PAC raised more than $100 million for the 2024 U.S. elections, which may include double counting.

Major donors include venture capitalists Marc Andreessen and Ben Horowitz, who each gave $9 million to Fairshake; billionaire twins Cameron and Tyler Winklevoss, who donated $2.5 million each; and Coinbase Global Inc. CEO Brian Armstrong, who donated $100. million, with his company donating $20.5 million and Ripple Labs donating $20 million.