The cryptocurrency industry has raised over $137 million for the 2024 US elections, with the majority ($117 million) coming from the Fairshake super PAC funded by major crypto companies like Coinbase, Ripple, and Kraken.[1] Most of this money has not been spent yet, but around $20 million has gone towards supporting Republicans or opposing Democrats, including $10 million spent by Fairshake on attack ads against Democratic Senate candidate Katie Porter.[1]

This massive political spending is seen as a potential factor in recent crypto-friendly moves by regulators and lawmakers, such as the SEC approving spot Ethereum ETFs and the House passing crypto market legislation.[2] It may also boost the chances of passing a stablecoin bill this year.[2]

Sources [1] Cryptocurrency companies have raised over $115 million to influence US elections this cycle, and they’re just getting started https://www.citationneeded.news/2024-cryptocurrency-election-spending/ [2] Political spending may boost chances of passing stablecoin bill this ... https://www.theblock.co/post/297176/political-spending-may-boost-chances-of-passing-stablecoin-bill-this-year-td-cowen [3] Explainer: Crypto industry spends millions on U.S. midterm elections https://www.reuters.com/world/us/crypto-industry-spends-millions-us-midterm-elections-2022-11-08/ [4] Musk Counsels Trump on Crypto in Sign of Billionaire's Sway https://www.bloomberg.com/tosv2.html?url=L25ld3MvYXJ0aWNsZXMvMjAyNC0wNS0zMC9tdXNrLWNvdW5zZWxzLXRydW1wLW9uLWNyeXB0by1pbi1zaWduLW9mLWJpbGxpb25haXJlLXMtaW5mbHVlbmNl&uuid=e7a6ef15-1e9c-11ef-a6d7-c9629dfc516e [5] Crypto's 'huge moment' scrambling US politics - POLITICO https://www.politico.com/news/2024/05/23/crypto-2024-election-impact-00159506