Election 2024: Crypto’s $119 Million Influence and Where Trump and Harris Stand

Cryptocurrency has gone from niche to mainstream, especially in the political arena. In the 2023-2024 election cycle, crypto companies and investors have poured more than $119 million into federal election campaigns, with a majority of that going to Fairshake, a super PAC designed to support pro-crypto candidates.

This push for influence is an attempt to sway regulatory decisions in favor of the industry, especially as the regulatory landscape remains uncertain.

Companies like Coinbase and Ripple are at the forefront of this movement, accounting for nearly 48% of corporate donations in 2024.

Their aim? To shape policies that allow for greater crypto adoption and fewer restrictions from regulators like the Securities and Exchange Commission (SEC). With cryptocurrency rapidly gaining political clout, the question remains: where do presidential candidates Donald Trump and Kamala Harris stand on the issue?

Kamala Harris: A Quiet Stance on Crypto

As Vice President Kamala Harris campaigns for the 2024 election, her stance on cryptocurrency remains unclear. While Democrats have typically been viewed as sceptical of the industry—especially given the SEC’s crackdown on top firms like Coinbase and Binance—Harris has yet to take a definitive position.

#Crypto executives are planning to raise $100,000 for U.S. Vice President Kamala Harris at a September 13 fundraiser in Washington, aiming to sway her toward a more relaxed stance on crypto if she becomes president.

Despite #Harris being relatively quiet on crypto, the industry… pic.twitter.com/NlKH5rbqxH

— TOBTC (@_TOBTC) September 2, 2024

However, pressure is mounting. In July 2024, a group of 14 House Democrats sent a letter to the Democratic National Committee urging the party to adopt a pro-crypto platform.

This push for engagement led to the creation of Crypto4Harris, a grassroots organization supporting pro-crypto policies.

The group has held virtual town halls and plans nationwide fundraising events to rally support for Harris, signaling that her campaign may soon be forced to address the topic.

Democrats are walking a fine line between embracing crypto donations and maintaining their traditional regulatory stance.

While Harris has remained neutral, the broader party may evolve on this issue as more digital assets enter the mainstream.

Donald Trump: From Critic to Crypto Champion

In stark contrast to Harris, Donald Trump has made a significant pivot on cryptocurrency. Once sceptical of digital assets, Trump has now positioned himself as the pro-crypto candidate. He’s even gone so far as to say he wants the U.S. to become the world’s “crypto capital.”

Trump’s journey into the crypto world began with his NFT collection, launched in 2023, which sold out within hours. His campaign also accepts Bitcoin donations, further signalling his embrace of the digital economy.

Donald Trump: from crypto critic to conference darling? Despite his lack of understanding, he captivated Bitcoin 2024 followers with big promises and anti-regulation rhetoric. https://t.co/nKJ00n1ZUr pic.twitter.com/MmhmW5hXDX

— Luke Nftrader (@nft_trade_) September 7, 2024

At the Bitcoin 2024 conference in Nashville, Trump laid out a plan that included creating a government stockpile of Bitcoin and blocking the Federal Reserve from launching a Central Bank Digital Currency (CBDC).

His rhetoric has resonated with many in the crypto community, particularly as he promises to implement policies that will allow the digital asset market to flourish without government interference.

Trump’s running mate, Senator J.D. Vance, is also a long-time advocate for cryptocurrency. Together, they have attracted millions in donations from prominent crypto investors, hoping for a regulatory landscape that favours growth and innovation in the sector.

Bottom Line: Crypto Takes Center Stage in the 2024 Election

As the 2024 election heats up, cryptocurrency has become a central issue. With $119 million in political contributions, the industry is leveraging its financial power to gain influence over policy decisions.

The 2024 U.S. congressional elections are critical for the future of the crypto industry, as major political action committee (#PAC) #Fairshake has raised $119 million, primarily supporting Senate and House races over the presidential election.

The industry is focused on… pic.twitter.com/u2ahmBQw4t

— TOBTC (@_TOBTC) September 11, 2024

• Kamala Harris has yet to take a clear position on cryptocurrency, but pro-crypto Democrats are pushing for her campaign to embrace digital assets.
• Donald Trump, on the other hand, has fully embraced the crypto world, calling for pro-Bitcoin policies and promising to limit government oversight.

Both candidates will likely face increasing pressure from their bases to take definitive stances as crypto continues to shape the political landscape. The fight for regulatory control over digital assets is only just beginning.