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With two weeks remaining until the 2024 U.S. Presidential Elections, cryptocurrency donations have garnered significant attention. Exceeding a total of $190 million, these donations are closely monitored by experts and attorneys within the cryptocurrency industry. They emphasize the importance of persuading voters to establish a healthy cryptocurrency environment in the United States.
Cryptocurrency Donations Surge Rapidly
This year’s elections have seen cryptocurrency donations surpass $190 million. According to a CNBC report, $130 million of this amount was spent on congressional races and primaries. A group named Fairshake has drawn attention for its donations to candidates in critical areas, aimed not only at supporting pro-crypto politicians but also at ensuring California remains a hub for cryptocurrency.
Donald Trump’s PAC Raises $7.5 Million from Cryptocurrency Donations
A political action committee (PAC) supporting former President Donald Trump has raised approximately $7.5 million in cryptocurrency donations. These contributions were made through cryptocurrencies like Bitcoin 
$104,496, Ethereum 
$2,515, XRP, and USDC. This committee’s substantial fundraising highlights the effectiveness of cryptocurrencies as a tool in political campaigns.
Fairshake stands out as one of the most active PACs this year, particularly notable for spending $29 million in September, with $20 million directed to two political committees. Experts suggest that these expenditures could significantly impact election outcomes.
The Impact of Cryptocurrency Market on Elections
The cryptocurrency market responded positively to the increasing likelihood of Trump winning the elections. According to Polymarket data, Trump’s chances of winning have risen to 63.5%. Bitcoin soared to nearly $69,000 during this period, and while altcoins participated in the rally, the market faced significant resistance levels. Analysts suggest that if Trump is re-elected, the cryptocurrency industry could experience further growth potential.
A notable $10 million donation from Chris Larsen, the founder of Ripple 
$2, to Kamala Harris has sparked discussions within the XRP community. Ripple’s other co-founder, Brad Garlinghouse, expressed his discontent, stating, “We need to change this administration’s attitude towards cryptocurrency.”
In conclusion, the role of cryptocurrencies in U.S. elections is increasingly significant. Both donations and policies are closely monitored for their impact on the market. It is anticipated that cryptocurrency donations will play a larger role in shaping future policies.
