US Election Crypto Donations Top $190M: What’s the Impact on the Market?

With the US Presidential Elections in 2024 just two weeks away from now, crypto donations have been once again in the limelight while crossing $190 million. Crypto industry veterans and attorneys like John Deaton are making the final push by convincing voters of healthy crypto environments in the US.

US Election Crypto Donations on the Rise

Crypto political donations have topped $190 million in the US Presidential Elections 2024 this year with the CNBC report stating that $130 million out of which have been spent on congressional races including the primaries.

The discussions around crypto donations have caught fire once again as Ripple’s Chris Larsen has been donating massive sums to Democratic nominee Kamala Harris. Recent reports suggest Larsen has donated over $10 million to Kamala Harris which has led to a major outrage from the XRP community. Previously, Larsen also donated $1 million in XRP to the Harris Victory Fund.

This is surprising considering the fact that the Biden administration waged an all-around war on Ripple over XRP sales as securities. Commenting on this development, Ripple co-founder Brad Garlinghouse said: “We need to immediately change course from this administration’s misguided war on crypto”.

Donald Trump PAC Raises $7.5 Million

A political action committee (PAC) backing former President Donald Trump has raised approximately $7.5 million in cryptocurrency donations. Donors to the Trump 47 joint fundraising committee contributed in Bitcoin, Ethereum, XRP, as well as dollar-pegged stablecoins like Tether (USDT) and USDC, according to a filing with the Federal Election Commission.

Fairshake, one of the top-spending PACs this year, has been targeting close House races in US elections. Last month in September, the committee gave out a total of $29 million. Of the total, $20 million went to two affiliated political action committees (PACs) including:

1. $15 million to the Defend American Jobs PAC, a Republican-leaning committee focused on cryptocurrency and blockchain policy.
2. $5 million to Protect Progress, which exclusively supports Democrats.

Fairshake spent the remaining $8.8 million on House races in New York, Nevada, and California. Speaking to CNBC, Crypto market analyst James Delmore said:

“Fairshake’s donations to candidates in toss-up districts are critical. It’s not just about securing pro-crypto politicians in key House seats, but also maintaining California’s position as a hub for the crypto industry.”

Impact on the Crypto Market

The crypto market has more or reacted positively to the rising odds of Trump’s election-winning chances. Also, as per the Polymarket data, Donald Trump has taken considerable lead over Kamala Harris with his odds of winning surging to 63.5%.

With Bitcoin surging to $69,000, altcoins also joined the crypto market rally over the past weekend. However, the market faces rejection as crucial resistance levels waiting for the next big trigger.

Thus, market analysts are hopeful that if Donald Trump gets re-elected to the White House, it will be beneficial to the broader crypto industry during his tenure. Ryan Lee, Chief Analyst at Bitget Research said:

“The main drivers are Trump’s rising odds of winning the election and a technical rebound in Bitcoin’s price. Trump is a known supporter of Bitcoin, and his increasing odds of winning are seen as a positive signal for the market”.