Tuesday, February 27, 2024

Crypto Donors Pour $52 Million Towards Midterm US Elections

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Crypto donors poured $52 million towards the US Midterm elections with the wealthy memebrs of the industry including venture capitalists, brokers, and other types of investors so let’s have a closer look at today’s latest cryptocurrency news.

The crypto donors poured over $52 million in political donations during the midterm election cycle and half of those funds arrived in May with the biggest donor of the month targeting Republican candidates. As reproted by Bloomberg, some of the biggest donors included FTX CEO Ryan Salame and Sam Bankman Fried. Salame donated $8 million towards the American dream federal action last month and increased its total contributions to $12 million while the Super PAC which Salame is the only donor in, spent $7.6 million targeting Republican candidates.

Some of the candidates were endorsed by former President Donald Trump and put $1.2 million towards the re-election of John Boozman with another $517 million promoting Tedd Budd. In the meantime, another $500,000 from Bankman went to pro-democrat Senate Majority APC and send $32.5 million in donations to the Super PACs in the election cycle, including $16 million in April. The CEO is known for investing in political campaigns after he already launched a $100 million humanitarian fund back in May.

Alameda And SBF , ftx, bankman, crypto,
Sam Bankman Fried, FTX CEO

A super PAC that got $23 million Protect Our future, put $4.1 million towards the democrat candiadtes. The industry itself boasts its own GMI PAC which recieved $1 million in donations from Andreessen Horowitz founders. A16z is one of the biggest venture capitalist investors in the crypto space and raised $4.5 billion to invest in the ecosystem a month ago. A clear political divide is starting to form around crypto with many Republicans in support and most Democrats opposed.

The Republicans want to create an environment for the industry to flourish while the Democrats are worried about investor harm and illicit finance. However, a new bill attempting to solidify the regulatory framework for crypto in the US was co-signed by members from both sides. What’s important is that neither the republicans nor the democrats wish for the industry to become partisan.

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