Cryptocurrency Companies Donate Millions to Both Democrats and Republicans as Industry Comes Under Fire from Biden Administration

So far, cryptocurrency companies account for nearly half of all corporate money donated and fundraised this election cycle, according to a report by watchdog group Public Citizen.

Cryptocurrency companies are making big donations to both Democratic and Republican candidates this election cycle, in an effort to gain influence over the industry's regulation.

Coinbase and Ripple are the top two donors, accounting for 80% of donations this cycle. Both companies have come under scrutiny by the Biden administration for allegedly violating securities laws.

In July alone, the pro-crypto super PAC Fairshake dropped $75 million. Of that, $49 million came from Coinbase, while $47 million came from Ripple and venture firm Andreessen Horowitz.

According to OpenSecrets, the PAC has $120 million left to spend before the November election.

It has already pledged $25 million to be spent in the general election cycle on nine Democratic House candidates, nine Republican House candidates, and three races.

Overall, crypto-backed super PACs have donated to 42 candidates in primary races, and 36 of them went on to win.

Half of all corporate donations this election cycle have come from cryptocurrency companies, outpacing donations from big oil companies and banks.

Cryptocurrency fundraisers in Nashville and San Francisco have been set up for Trump, who claims to have raised $25 million from crypto interests. Trump has promised that if he is elected, the federal government will not sell off its bitcoin holdings.

Meanwhile, Harris is trying to distance herself from the Biden administration's scrutiny of the industry. On Tuesday, her campaign announced policy plans to expand the cryptocurrency sector.

Senate Majority Leader Chuck Schumer (D-NY) also led a virtual town titled “Crypto4Harris,” where he discussed the possibility of a crypto-friendly law passing the Senate this year.

The cryptocurrency industry's involvement in this election cycle is unprecedented, accounting for 90% of total spending from the industry since 2010.