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The encryption industry's $135 million U.S. campaign has remained undefeated in all 48 elections to date

The encryption industry's $135 million U.S. campaign has remained undefeated in all 48 elections to date

Bitget2024/11/08 13:39

On November 8th, the crypto industry spent approximately $135 million to support more than 50 candidates in the 2024 U.S. election cycle, including Democrats and Republicans, incumbents and challengers, sure-win candidates and those with slim hopes. But now they all have one thing in common: victory. In the elections on November 5th, as of noon local time on Friday, all 48 candidates supported by the largest political action committee (PAC) in the crypto industry announced their victories. In eight ongoing vote counts, PAC-supported candidates are leading in all but three races.

According to consumer advocacy non-profit organization Public Citizen, its influence campaign far exceeds traditional corporate donors such as Koch Industries and Chevron Corporation. Since a landmark Supreme Court decision lifted restrictions on corporate political spending in 2010, this industry ranks second only to fossil fuels when calculated by total deployed funds. Now it is loudly touting its massive election spending and results as evidence that it has become an undeniable political force ready for next legislative session and gearing up for mid-term elections in 2026.(Bloomberg)

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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