The Crypto Industry’s 2024 Election Spending Spree
Pro-crypto candidates in the 2024 election cycle are enjoying a major funding boost from the $2.5 trillion cryptocurrency industry, which is fighting hard to reverse regulatory measures put in place by government agencies like the SEC.
Donald Trump during a speech at the 2024 Bitcoin Conference in Nashville, Tenneesee. (Johnnie Izquierdo / the Washington Post via Getty Images)
Cryptocurrency companies are on an unprecedented spending spree to oust politicians opposed to their agenda and to help elect pro-crypto candidates in the 2024 election cycle.
The cryptocurrency industry — valued at $2.5 trillion worldwide — has lobbied extensively against regulations to hold its industry accountable for widespread fraud and mismanagement of customer funds following spectacular market failures in 2022 that left many Americans without access to their money.
One of the main political action committees receiving funds from crypto companies has raised more than $202 million since January 2023 — a number that dwarfs the $27 million donated by disgraced former cryptocurrency billionaire Sam Bankman-Fried to a similar political action committee in 2022.
This article is for subscribers only. Please login or subscribe to access our full archives and beautiful print and digital magazine starting at just $3 a month.