Cryptocurrency companies have assembled over $160 million that they plan to deploy to support political candidates who support the industry, with experts indicating that these funds will likely benefit Republicans.
Just under $25 million was spent by cryptocurrency companies last year on government relations, with another $5.6 million being spent in the first quarter of 2024. Experts say that the sum is expected to drastically increase this year, with Republicans likely to benefit.
“Trump’s acceptance and embrace of crypto is in stark contrast with the overwhelmingly regressive approach to crypto taken by the Biden administration and the wider Democratic Party, which has constantly attacked the industry, in most cases unfairly,” Edward Wilson of Nansen, a blockchain company, explained. “It is likely that the issue of crypto will influence and may even swing the election….
