HomeCryptoWill the increasing influence of cryptocurrency in political donations affect the outcome...

Will the increasing influence of cryptocurrency in political donations affect the outcome of the election?

-


The Influence of Crypto in U.S. Elections: Dark Money and Super PACs

Crypto Industry’s Growing Influence in U.S. Elections Raises Concerns Over Dark Money

The intersection of cryptocurrency and politics has always been a curious one, with notable figures from the crypto world dipping their toes into the political arena. From Brock Pierce, the former child star turned Tether founder, running for president and Senate seats, to Bitcoiner Bruce Fenton making a respectable showing in a Republican primary, the crypto industry has made its presence felt in the political landscape.

However, beyond the headline-grabbing candidacies, the real impact of crypto on U.S. elections may lie in the realm of dark money. Thanks to the Supreme Court’s Citizens United ruling, corporations can pour unlimited funds into races through opaque channels, obscuring the identity of their donors. Figures like Sam Bankman-Fried have taken advantage of this loophole, funneling money into campaigns through Super PACs and individual donations.

With Bankman-Fried largely absent from the current election cycle, other players in the crypto industry have stepped up their game. A recent report by Public Citizen reveals that digital asset-affiliated Super PACs have raised over $102 million for the 2024 election, with a significant portion coming from corporate expenditures by companies like Coinbase and Ripple Labs.

The influx of crypto money into politics comes at a time when the industry is facing increased scrutiny and regulation from lawmakers. The collapse of FTX before the 2022 elections shifted the narrative, with Democrats raising concerns about consumer protection and Republicans pushing back against regulatory overreach.

The impact of crypto contributions on elections remains to be seen, but early signs suggest that money talks. Super PAC interventions in primary races have yielded mixed results, with most crypto-backed candidates holding their ground. As the 2024 election season heats up, all eyes are on key races like the battle for Ohio’s Senate seat, where a pro-crypto candidate is challenging a blockchain skeptic.

The growing influence of the crypto industry in U.S. elections raises questions about transparency, accountability, and the role of money in politics. As the industry continues to flex its financial muscle, the debate over dark money and corporate influence in elections is likely to intensify.

By Leo Schwartz, Fortune News Writer

LATEST POSTS

Bitfarms’ June Bitcoin mining output increases by 21% compared to previous month, reaching 189 bitcoins

Bitfarms Mining Operations Thrive Amid Hostile Takeover Battle Bitfarms, a leading cryptocurrency mining company, is facing a hostile takeover attempt from Riot Platforms as it...

The enduring positive correlation between bitcoin and stocks

Cryptocurrency Outlook and Expert Insights: Bitcoin Stability, Ethereum Gains, and Political Influence Bitcoin (BTC-USD) has been on a rollercoaster ride in recent months, but it...

Ethereum Products Experience $61M Outflows, While Solana Receives $1.6M Inflows During Crypto Market Downturn

Cryptocurrency Investment Products See $30 Million Outflows, Ethereum Products Hit Two-Year Low Cryptocurrency investors saw a tumultuous week as outflows of $30 million were recorded...

Chainwire announces official launch of PLYR Gaming Blockchain

PLYR Gaming Blockchain Mainnet Launches on July 1st, 2024, Revolutionizing Crypto Gaming The PLYR Gaming Blockchain mainnet is set to launch as a Subnet today...

Most Popular