Hey, fellow cryptocurrency comrades, do you know? When Trump won the 2024 US election with great momentum, Bitcoin seemed to be inspired and broke through the $75,000 mark in one fell swoop! This is not just a numbers game, but also a sign that cryptocurrency has officially entered the White House. So, in this political and financial feast, who are the hidden beneficiaries?
Imagine that when the 21st Century Financial Innovation and Technology Act was passed with an overwhelming majority, those crypto bosses hiding behind the screens were already grinning from ear to ear? That’s right, the passage of this bill is inseparable from the real money investment of the crypto community. They used money to make their voices heard, forcing legislators to face up to the existence of this emerging industry.
And this money is not a small amount. According to OpenSecret data, political action committees (PACs) supporting cryptocurrencies have invested more than $133 million in the election! Behind this is the rise of super PACs such as Fairshake, Protect Progress, and Defend American Jobs. They used the 2010 Supreme Court ruling on Citizens United v. FEC, and the subsequent Speechnow v. FEC case, to successfully establish the legitimacy of "super PACs", allowing them to accept and control unlimited donations.
So, where did all the money go? According to Mlion's analysis, Fairshake spent tens of millions of dollars to help California Congresswoman Katie Porter run for the Senate. Although she failed, they did not give up and instead supported other bipartisan candidates. Defend American Jobs spent more than 40 million US dollars to support Republican candidate Bernie Moreno's campaign for Ohio Senate, successfully tipping the balance of the Senate to the Republican side.
And what about Protect Progress? Not to be outdone, they spent tens of millions of dollars to support Representatives Elissa Slotkin and Ruben Gallego, both of whom are crypto-friendly politicians! Their victory undoubtedly paved the way for the future development of the cryptocurrency industry.
At this point, are you eager to know which crypto institutions participated in this political donation feast? Don't worry, I'll tell you right away. Judging from the funding sources of Trump's political action committee Trump 47, Winklevoss Capital Management donated about $2.366 million, becoming the second largest donor. And A16Z founders Marc Andreessen and Ben Horowitz also donated $5 million through the Right For America Action Committee. In addition, cryptocurrency trading platforms such as Coinbase, Ripple and Jump Crypto have also generously donated tens of millions of dollars each.
Have you suddenly realized what is going on? It turns out that in this US election, the cryptocurrency industry has not only become an important force in political donations, but has also invisibly promoted the development of the industry and the improvement of the regulatory framework. The leading exchanges, VCs, and foundations that made early arrangements and placed their pieces have become the biggest beneficiaries of this feast.
So, fellow comrades, don't just stare at the numbers on the screen. In this ever-changing cryptocurrency world, we must learn to look at every political change and industry development with a broader perspective. Because only in this way can we go further and more steadily on the road ahead!
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The above content is for information sharing only and does not constitute any investment advice! Investment is risky, so be cautious when entering the market!
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