The crypto industry is making a significant impact on the 2024 elections, with a total of $119 million in funding being funneled into super PACs by companies like Coinbase and Ripple. These contributions are aimed at supporting pro-crypto candidates and challenging critics of the industry, according to Public Citizen.
The Supreme Court's 2010 ruling in Citizens United vs. the Federal Election Commission allows corporations to invest unlimited funds in political candidates, as long as the money is directed towards groups not directly affiliated with a candidate's official campaign.
The crypto industry has increased its political spending for the upcoming election, citing the need for changes to ensure its growth and success. Veronica McGregor, chief legal officer at Exodus, stated that the industry views this election as crucial for its future prosperity.
The involvement of the crypto industry in the elections has prompted candidates to consider crypto-related issues as a way to attract voters. Former President Trump, who previously criticized bitcoin, now aims to position the United States as the "crypto capital of the planet." On the other hand, Vice President Harris is more cautious in her approach, supporting policies that foster the growth of emerging technologies.
A new group known as Crypto4Harris, led by Johnathan Padilla, is working to develop a comprehensive crypto-policy approach for the Harris For President campaign. Padilla hopes to bridge the gap between the Democratic Party and the crypto industry, which appears to be leaning towards supporting Trump.
Overall, the crypto industry's involvement in the elections is a significant development that could shape the future of the industry and influence candidates' positions on crypto-related issues. The growing political influence of the industry underscores the importance of addressing regulatory and policy issues to ensure its continued growth and success.