While the industry has come under fire from the Biden administration, cryptocurrency companies have donated to both Democratic and Republican candidates.
So far, cryptocurrency companies have accounted for nearly half of all corporate money donated and raised this election cycle, according to a report by watchdog group Public Citizen.
Coinbase and Ripple are responsible for 80% of donations this election cycle. Both were under investigation by the Biden administration for alleged violations of securities laws.
In the month of July alone, pro-crypto super PAC Fairshake lost $75 million. He received $49 million from Coinbase, $47 million from Ripple, and $47 million from venture capital firm Andreessen Horowitz.
OpenSecrets found that the PAC has $120 million left to spend before the November election.
The PAC has already pledged $25 million to be spent in the general election cycle on nine Democratic House candidates, nine Republican House candidates and three races.
Of the 42 candidates in the primary races who received funding from crypto-backed super PACs, 36 won their races.
Half of all corporate donations have come from cryptocurrency companies this election cycle, and former President Donald Trump and Vice President Kamala Harris are battling to win the support of the crypto industry, which outnumbers big oil companies and banks in donations.
Cryptocurrency fundraisers in Nashville and San Francisco were held for Trump, who claimed to have raised $25 million from crypto interests. Trump has made promises that if elected, the federal government will never sell off its Bitcoin holdings.
Harris, meanwhile, is trying to distance himself from the Biden administration’s grip on the industry. On Tuesday, her campaign announced policy plans to expand the cryptocurrency sector.
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Senate Majority Leader Chuck Schumer (D-NY) also hosted a virtual town titled “Crypto4Harris” where he discussed the possibility of crypto-friendly legislation passing the Senate this year.
The rise of the cryptocurrency industry this election cycle is remarkable, as it has accounted for 90% of the industry’s total spending since 2010.