Cryptocurrencies are contributing millions to digital asset-friendly candidates in the 2024 elections.
This includes donations to candidates in Super Tuesday preliminary competitions in Texas, California and Alabama, Reuters reported on Sunday (March 3).
According to this report, a group of new political action committees known as Fairshake, Protect Progress and Defender American Jobs spent at least $13 million in Tuesday's (March 5) election, supported by money from the International Monetary Fund. Coinbase And the Winklevoss twins.
“The crypto community is playing politics to win,” said Fairshake spokesperson Josh Vlasto. “We will have influence and influence in races behind candidates who align with our agenda and vision.”
The three major political action committees raised nearly $102 million between January 2023 and January 2024, the report said, citing data from the Federal Election Commission.
According to the report, data from the group Open secrets It shows that the cryptocurrency sector — including its employees and political action committees — contributed about $59.2 million in the 2024 election cycle, compared to $26.8 million during the 2022 midterm cycle and $1.6 million during the 2020 election.
Among the goals in the upcoming elections US Representative Katie Porter, A progressive Democrat seeks to become California's new state senator. Fairshake spent more than $10 million on things like a statewide advertising campaign to convince Californians not to vote for Porter, who has criticized the industry in the past, the report said.
“Don't be fooled Californians: mysterious Crypto billionaires “We don't want a strong consumer voice in the Senate,” Porter wrote on X last month. “They fear people who criticize corporate greed, so they spend millions on dishonest dark money ads against me.”
The lobbying effort comes amid a surge in cryptocurrency prices after a months-long decline marked by the collapse of several major players and a crackdown by regulators.
Bitcoin prices, the most popular cryptocurrency, rose last week. It rose above $60,000 Thanks to investor optimism. This was the highest level the currency had reached in more than two years, and comes amid a year that has already seen the currency collapse Bitcoin price A jump of about 45%.
This rise occurred due in part to the launch of Bitcoin Exchange Traded Funds (ETFs) In the US, Bitcoin has not traded above $60,000 since November 2021, the same month it hit a record high of $69,000.
