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Encryption giants help Trump win election as BTC breaks $75,000 to set a new high
The influence of the Crypto Assets industry in the US elections comes to light
On November 6, 2024, the U.S. elections concluded with the election of Trump, who is viewed as friendly to Crypto Assets. This outcome may herald more support for the Crypto Assets industry in the White House. Meanwhile, the price of Bitcoin has surpassed the $75,000 mark, setting a new historical high. Behind this election, the participants in the Crypto Assets industry and their influence are gradually becoming apparent.
Crypto Assets Lobbying: Funding Support from Legislators to the President
In May of this year, the U.S. House of Representatives passed the "21st Century Financial Innovation and Technology Act" with a high vote of 279 to 136, aimed at establishing a regulatory framework for digital assets and promoting the development of the Crypto Assets industry. The passage of this bill is closely related to the significant campaign spending by the Crypto Assets community on lawmakers.
According to statistics from data tracking platforms, political action committees supporting Crypto Assets have invested over $133 million in elections, intervening in 51 campaigns. These committees primarily support candidates who pledge not to impose strict regulations on Crypto Assets. The three most active political action committees are Fairshake, Protect Progress, and Defend American Jobs.
The rise of these super political action committees is attributed to a 2010 Supreme Court ruling that allowed corporations and unions to make unlimited expenditures in political activities. Subsequent related rulings further established the legal status of "super political action committees," enabling them to accept and spend unlimited contributions as long as they do not coordinate directly with candidates or parties.
For example, Fairshake invested heavily in the elections in California and New York. Although the candidates it supported lost in the primaries, the committee has used the funds to support bipartisan candidates. Defend American Jobs invested heavily in the Senate elections in Ohio, supporting candidates friendly to Crypto Assets. Protect Progress also supported lawmakers in multiple states who advocate for the development of Crypto Assets.
Political Donations by Crypto Institutions
Through political donation data, we can see the influence of the Crypto Assets industry behind the political stage. In Trump's political action committee, a company founded by the founder of a certain Crypto Assets exchange is the second-largest donor. Another action committee also received large donations from the founder of a well-known venture capital company.
On the institutional side, most of the donations came from three major Crypto Assets trading platforms and a well-known venture capital firm, totaling approximately $153 million. Reports from nonprofit oversight organizations indicate that nearly half of the corporate funds flowing into the election are from the Crypto Assets industry.
Future Outlook: Who Will Benefit?
As the United States gradually improves its regulatory framework for Crypto Assets, leading exchanges, venture capital firms, and foundations that have already established their positions may benefit from this. The donor lists of three major super PACs reflect the political influence of certain companies within the industry.
It is worth noting that, besides a few large companies, some smaller investment institutions also appear on the donation lists of multiple political action committees, which may indicate their strategic positioning in the industry.
Although the Crypto Assets industry harbors the ideal of decentralization, the tug-of-war with regulation will continue. With the increase in political influence, the future development path of the industry deserves attention.