Role of Crypto Industry in the 2024 US Election
The crypto industry was at the center of the 2024 US elections, with former Kraken executive Marco Santori calling it “democracy at work.”
Crypto Donations Made a Difference in Election Results
Santori highlighted the significance of crypto donations in swaying the election to Donald Trump and the Republican Party. He dismissed allegations of conflict of interest, pointing out that the funds donated from the industry were no different from any other political cause-driven initiative.
“Detractors only use it as a conflict of interest if they don’t agree with the cause,” Santori mentioned in an interview. “Otherwise, it’s just democracy at work.”
Crypto voters were considered to be a swing vote, and Santori estimated they accounted for a “4-5% of the vote,” which created a significant difference all over swing states.
Record-Shattering Crypto Sector Political Spending
The crypto sector spent a notable political spend, which equates to nearly half of all business political spending throughout the 2024 US electoral cycle.
Cryptocurrency firms spent over $119 million supporting crypto candidates and proposals, watchdog group Public Citizen said.
The money also extended to top congressional races, including Rep. Bryan Steil’s bid for re-election, where crypto PAC Fairshake spent $760,000 on media buys.
Crypto Lobbying Cemented GOP Grip
former White House chief of staff Mick Mulvaney. The crypto industry’s powerful lobbying was credited for the Republican Party’s clean-sweep election success by him. Contrary to earlier election years, the sector had a coordinated political machine during this period that helped the GOP secure control over the presidency as well as the two chambers of Congress.
The influence of the sector in the US politics remains to grow now with regulatory suits against crypto businesses now being left behind.
