Political donations in support of the cryptocurrency industry during the current U.S. election cycle is nearing $200 million U.S.
With 50 days until the November election in America, a total of $190 million U.S. has been spent to help elect political candidates who support the crypto sector, with much of the donations being made in Bitcoin (BTC) and other digital assets.
Twin brothers Cameron and Tyler Winklevoss, who run the Gemini crypto exchange, are the biggest individual crypto donors this election cycle, donating $10 million U.S.
Of that donation, $1.7 million U.S. was made to former President Donald Trump’s re-election campaign using Bitcoin.
In addition to the Winklevoss twins, top executives from blockchain firm Ripple Labs have given more than $3 million U.S. to candidates and super PACs that seek to elect pro-crypto politicians.
Crypto exchange Coinbase’s (COIN) chief executive officer (CEO) Brian Armstrong has given $1.3 million U.S. to a mix of people running for election to the House of Representatives and Senate, as well as vice-presidential candidate J.D. Vance.
The crypto sector views the current election as a make-or-break moment for digital assets.
The U.S. Securities and Exchange Commission (SEC), under Chair Gary Gensler, has taken legal action against numerous crypto firms, charging them with operating illegally.
At the same time, lawmakers in Washington, D.C. continue to propose legislation that would regulate the crypto industry.
Former President Trump has positioned himself as supportive of crypto and has promised to fire SEC Chair Gary Gensler if elected this November.
Democratic presidential nominee Kamala Harris has, so far, remained silent on crypto and has not made her personal views on digital coins and tokens known publicly.
Bitcoin, the largest cryptocurrency by market capitalization, is currently trading at $59,000 U.S., up 34% so far this year.
