According to Bloomberg, the cryptocurrency industry has set a new record for political donations in the US presidential election in 2024. The total amount donated has reached $94 million, surpassing the $83 million donated during the previous election cycle in 2020. Most of the donations came from Political Action Committees (PACs).
Coinbase and Ripple Labs made significant contributions, with Coinbase donating $20.5 million and Ripple Labs donating $20 million. Coinbase CEO Brian Armstrong personally donated $1 million. Billionaire twins Cameron Winklevoss and Tyler Winklevoss each donated $2.5 million.
The cryptocurrency super PACs focused on congressional elections and have seen a good return on investment. In 10 primary elections where Fairshake and its allies spent at least $500,000 supporting or opposing candidates, they won 8, lost 1, and 1 is still undecided.
(Source: https://www.bloomberg.com/news/newsletters/2024-05-16/political-donations-from…)
Please note that this translation is for reference only and does not constitute investment advice.