Cryptocurrency Industry Invests $204 Million in 2024 U.S. Elections, Gaining Bipartisan Support from Key Candidates

The cryptocurrency industry has invested a whopping $204 million in the 2024 U.S. elections. This substantial funding is paying off. It brings the industry closer than ever to securing commitments from lawmakers on crucial issues.

Both Vice President Kamala Harris and former President Donald Trump understand the importance of appealing to the crypto community. They’re targeting key battleground states ahead of the election on November 5. Harris recently emphasized blockchain technology as vital for maintaining U.S. tech competitiveness. Her campaign seems aimed at attracting younger male voters and winning over Wall Street, which is showing more interest in tokenized assets.

On the other hand, Trump has taken a different approach. He’s launched a decentralized finance (DeFi) project called World Liberty Financial with his sons. He’s also promoting token sales. As a result, it may not matter who wins in November. The U.S. will likely have a president who supports crypto, no matter the outcome.

This marks a significant shift from the current Biden Administration. It has been home to some of crypto's biggest skeptics, like SEC Chair Gary Gensler and Treasury Secretary Janet Yellen. The next administration appears more open to the bipartisan legislation that the crypto industry has been advocating for.

Crypto-focused political action committees (PACs) have raised over $204 million. About $120 million has gone toward campaign efforts, including ads targeting candidates who are skeptical of cryptocurrency. Over the last three election cycles, the crypto industry has spent $129 million. This accounts for 15% of all known corporate contributions since 2010, according to Public Citizen. The crypto sector ranks second in political spending, just behind the fossil fuel industry.

However, the specific views of Harris and Trump on cryptocurrency remain unclear. Neither candidate has laid out a detailed policy agenda regarding digital assets. They also don’t seem to have a deep understanding of the technology. Trump’s DeFi project has faced criticism, appearing self-serving, much like his previous ventures. Meanwhile, some in the crypto community view Harris’s support as lacking substance.

We won’t know the finer details of policy until a new president takes office. Still, the cryptocurrency industry has already made significant strides in the political arena.