Cryptocurrency Industry’s Spending Expected to Surge in 2024 Election Cycle with Trump’s Pick for Running Mate

Former President Donald Trump’s choice of Senator J.D. Vance as his running mate is set to ignite a surge in spending from the cryptocurrency industry for the upcoming 2024 election cycle. Vance, a strong supporter of the digital asset industry and owner of up to $250,000 in Bitcoin, has been instrumental in drafting legislation to revamp regulations by the SEC and CFTC, much to the delight of crypto investors.

Crypto-backed super PACs, such as Fairshake, have already begun pouring millions of dollars into congressional races, with a focus on supporting crypto-friendly candidates. Fairshake, which ended June with nearly $120 million cash on hand, has received significant donations from major cryptocurrency companies like Coinbase and Ripple, as well as executives from venture capital firm Andreessen Horowitz.

With Trump’s platform promising to end what he calls the Democrats’ “unlawful and un-American crypto crackdown,” and President Joe Biden’s administration taking a more stringent stance on cryptocurrency regulation, the industry is closely watching to see how Vice President Kamala Harris will approach the issue.

Fairshake and its affiliated super PACs have already spent millions supporting candidates on both sides of the aisle, with a focus on those who align with pro-crypto policies. The super PAC has also targeted specific candidates, like Rep. Katie Porter and Rep. Jamaal Bowman, who have been critical of cryptocurrency.

As the 2024 election cycle heats up, the cryptocurrency industry is positioning itself to have a significant impact on the political landscape, with key players like Trump and Vance leading the charge for a more crypto-friendly regulatory environment.