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COINTURK NEWS > Cryptocurrency News > Crypto Giants Influence US Presidential Elections with Massive Contributions
Cryptocurrency News

Crypto Giants Influence US Presidential Elections with Massive Contributions

In Brief

  • Crypto companies shape US elections with billions in contributions.

  • Coinbase and Ripple support crypto-friendly candidates with massive investments.

  • Crypto's role in elections hints at future regulatory directions.

COINTURK NEWS
COINTURK NEWS 10 months ago
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The upcoming presidential elections in the US are being shaped by billions of dollars in contributions from cryptocurrency companies. Giants like Coinbase and Ripple are trying to create a strong impact in the political arena to turn regulations in their favor. These developments raise concerns that consumer rights might be weakened.

Contents
Major Players in the Crypto World Take the StageBiggest Financiers of Political Campaigns

Major Players in the Crypto World Take the Stage

Before the presidential elections in November in the US, major names in the crypto world have taken the stage. Coinbase and Ripple are supporting crypto-friendly candidates by making massive investments in super political action committees. According to a report by Public Citizen, donations from these two companies bring the risk of loosening regulations. It is particularly emphasized that large crypto firms provide 48% of the $248 million political contribution.

Coinbase and Ripple stand out as the two largest companies aiming to directly influence the 2024 elections. Rick Claypool, research director at Public Citizen, states that these firms are trying to influence the elections with a total of $99 million. More than half of the donations to Fairshake PAC this year came from companies like Coinbase and Ripple. The donations aim to elect politicians who will shape the future of cryptocurrencies.

Biggest Financiers of Political Campaigns

The cryptocurrency sector, which has become one of the biggest financiers of political campaigns in the US, has been one of the biggest beneficiaries of the freedom provided by the Supreme Court’s Citizens United decision in 2010. Since then, companies can transfer unlimited funds to super PACs and other independent groups. The result of this process has led to cryptocurrencies having an increasing say in elections.

During this process, there were even disagreements within the crypto world. For example, technology billionaire Ron Conway parted ways with crypto-friendly super PACs like Fairshake. The reason was that these groups invested millions of dollars in campaigns targeting Democratic names like Senator Sherrod Brown without his knowledge.

The significant role of cryptocurrencies in US elections provides serious clues about the direction of future regulations and economic policies. The influence of giants like Coinbase and Ripple in this process could lead to significant changes not only in the crypto world but also in financial regulations in general.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 22 August, 2024 - 3:02 pm 22 August, 2024 - 3:02 pm
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