Crypto Political Donations Dwarf Payments Made During Bankman-Fried's Heyday.

Crypto industry donors have contributed more money to the 2024 election than in all previous cycles combined, according to OpenSecrets. In the 2022 election cycle, crypto exchange operators and venture capital backers donated $88 million. After the collapse of FTX exchange, politicians were initially hesitant to accept crypto donations, but as Bitcoin rallied and traditional finance giants entered the sector, the money began flowing again. The industry has also been funding grassroots efforts, visiting politicians, and hiring lobbyists to push their agenda. Super PACs have raised $170 million this cycle, supporting or attacking candidates based on their positions on cryptocurrency regulation. The industry is seeking relief from ongoing legal cases and banking regulations, and many insiders are betting on a change of administration to make that happen. Donald Trump has been meeting with crypto donors and is inviting supporters to a private fundraising event. Elon Musk and Marc Andreessen have pledged their support to Trump, while crypto donors have also been targeting House and Senate races, particularly trying to unseat Sen. Elizabeth Warren. [Extracted from the article]