As a seasoned researcher with over two decades of experience in financial markets and regulation, I find myself increasingly alarmed by the growing influence of the crypto industry on the upcoming US election. The staggering amounts of money being poured into political campaigns by major crypto corporations like Coinbase and Ripple is not only unprecedented but also deeply concerning.
In the lead-up to the 2024 U.S. election, the influence of the crypto sector has grown substantial, with leading cryptocurrency firms emerging as significant contributors to political campaigns, making them notable corporate political donors.
Based on findings from Public Citizen’s report, it appears that cryptocurrency companies are leading the pack in corporate political contributions, contributing approximately 48% of the $248 million donated so far. This substantial amount is intended to sway the outcome of the upcoming election.
Leading cryptocurrency corporations such as Coinbase and Ripple have collectively disbursed approximately $99 million, as per researcher Rick Claypool from Public Citizen. In terms of contributions to the 2024 election, crypto companies have already donated over $119 million, primarily aimed at supporting pro-cryptocurrency candidates. The report indicates this objective.
As an analyst, I can report that major players within the cryptocurrency industry, specifically Coinbase and Ripple, have collectively injected approximately $119 million in actual U.S. dollars into the 2024 election cycle to date. The vast majority of this funding has been directed towards Super PACs that aim to bolster pro-cryptocurrency candidates and criticize those who are skeptical about digital currencies.
The main recipient of funds from corporate cryptocurrency entities, Fairshake Political Action Committee (PAC), is a U.S.-based organization that champions pro-cryptocurrency candidates. This group has amassed an impressive $202.9 million in donations, with more than half, approximately $107.9 million, contributed by both Coinbase and Ripple.
As a researcher delving into political contributions, I’ve uncovered some intriguing data. Notably, the political group I’m studying has garnered significant support from influential billionaires within the industry. This includes a substantial $44 million contribution from Andreessen Horowitz, $5 million from the Winklevoss twins, and another $1 million from Brian Armstrong, CEO of Coinbase. These contributions have catapulted our group into one of the most generously funded PACs ahead of the upcoming election. The report indicates this as a notable trend in political funding.
The majority of the PAC’s funds are primarily contributed by affluent cryptocurrency executives and investors, such as the founders of venture capital firm Andreessen Horowitz who donated $44 million, the Winklevoss twins with their $5 million contribution, and Coinbase CEO Brian Armstrong who gave $1 million.
Concerns over Crypto Influence on Lawmakers
Excessive investment in cryptocurrencies may sway legislators into softening regulations for this sector, potentially putting consumer interests at risk. The cited study highlighted the questionable inherent worth and extreme price fluctuations in the crypto market.
Claypool expressed concerns about the fall of FTX exchange, headed by Sam Bankman-Fried, suggesting that there might be room for dishonesty and misuse of digital currencies if a pro-cryptocurrency candidate were to win. In such a scenario, an insider could potentially exploit their position for personal gain.
“The case of Sam Bankman-Fried’s collapsed crypto exchange FTX demonstrates that deceitful insiders can misuse consumer trust, channeling real money payments towards their own personal expenses.”
1. The argument made by cryptocurrency supporters about it potentially serving as a future, decentralized form of currency was met with skepticism due to its high volatility and what the author referred to as “Ponzi-style schemes,” making its worth questionable. With crypto firms investing heavily in influencing elections, there’s speculation that other industries might adopt similar tactics.
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2024-08-22 16:19