Cryptocurrencies are contributing millions of dollars to digital asset-friendly candidates in the 2024 election.
This includes donations to candidates. Super Tuesday Preliminary Contest Reuters reported on Sunday (March 3) that outbreaks also occurred in Texas, California and Alabama.
The report said a group of new super PACs (political action committees) known as Fair Shake, Protect Progress and Defend American Jobs spent at least $13 million on Tuesday's (March 5) election. , coinbase And the Winklevoss twins.
“The crypto community plays politics to win,” FairShake spokesperson Josh Brust said. “We will lend influence and influence to the campaign by supporting candidates who align with our policies and vision.”
The report cited data from the Federal Election Commission and said the three super PACs raised nearly $102 million from January 2023 to January 2024.
According to the report, data from the group open secret It shows that the crypto sector (including employees and PACs) has contributed approximately $59.2 million heading into the 2024 election cycle. That compares to $26.8 million in the 2022 midterm cycle and $1.6 million in the 2020 election.
Among the targets of the next election are: U.S. Congresswoman Katie Porter; A progressive Democrat seeking to become California's new senator. The report said FairShake spent more than $10 million on a statewide advertising campaign and other efforts to persuade Californians not to vote for Mr. Porter, who has criticized the industry in the past.
“Californians are not fooled: The shadows.” virtual currency millionaire We don’t want a strong consumer voice in the Senate,” Porter wrote in X last month. “They are spending millions of dollars on dishonest black money advertising against me because they are afraid of people who scream corporate greed.”
The lobbying effort comes after months of soaring cryptocurrency prices, marked by the collapse of several major companies and a crackdown by regulators.
Last week, the price of Bitcoin, the most popular virtual currency, Over $60,000 Thanks to investor optimism. This was the coin's highest value in over two years, and it came in the middle of a year that had already seen a decline. bitcoin price This jumps to about 45%.
This rise was driven in part by the launch of Bitcoin. Exchange traded fund Bitcoin (ETF) in the US has not traded at $60,000 since November 2021, when Bitcoin hit an all-time high of $69,000 in the same month.
