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💡Establishment Stablecoins, Amazon’s Palm Pay, PLUS Part THREE in our series on Crypto Voters and the 2024 Presidential Election💳

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EXCLUSIVE: Subscriber Content PART THREE (3/5)

Crypto’s Electoral Comeback: Money Talks & Battleground Shifts (Part 3 of 5)

How Crypto Became the Biggest Power Player in the 2024 Election

For most of its history, the crypto industry was an outsider in Washington—scrutinized, marginalized, and often dismissed as a speculative playground for tech bros and libertarians. It lacked the political muscle of Wall Street, the entrenched lobbying power of Big Pharma, or the deep institutional ties of Silicon Valley.

But in 2024, everything changed.

Crypto didn’t just show up to the political battlefield—it reshaped the financial landscape of the election itself, emerging as the largest corporate donor of the presidential race. By the time ballots were counted, digital asset advocates had spent more than $200 million, outpacing legacy industries that had spent decades cultivating influence in Washington.

This wasn’t just about writing checks. It was a strategic power move, one that ensured crypto’s voice couldn’t be ignored—by candidates, by regulators, or by the media.

The Crypto War Chest: A $200 Million Statement

For an industry that was barely on the campaign finance radar just a few years ago, the numbers from 2024 are staggering.

According to Public Citizen, crypto donors contributed $119 million in direct political donations to federal races. But the real behemoth was Fairshake PAC, the industry’s self-styled political powerhouse, which raised a jaw-dropping $202 million during the election cycle.

Fairshake wasn’t subtle about its mission: it existed to elect pro-crypto candidates and remove anti-crypto politicians from office. The strategy was as simple as it was ruthless—reward the industry’s champions, punish its enemies, and make crypto a dominant force in Washington.

Both presidential campaigns tapped into this financial goldmine, though in very different ways. The Harris campaign took a cautious approach, with its Future Forward PAC beginning to accept crypto donations in September—far too late to make a significant impact. By contrast, Trump-aligned PACs were early movers, raising more than $7.5 million in direct crypto donations and leaning into a pro-crypto, anti-regulation platform that resonated deeply with digital asset advocates.

This wasn’t just about backing a candidate. It was about buying long-term political relevance—ensuring that whichever administration took power, crypto would be at the table.

The Battleground Shift: Crypto’s Role in Deciding the Presidency

While the money made headlines, the real story of crypto’s electoral influence played out in the battleground states, where the presidency was won and lost.

By Election Day, the number of Americans holding at least $1,000 in crypto had surpassed 11 million—a voting bloc with real numbers behind it.

Pre-election polling suggested that crypto owners were shifting decisively toward Trump. In 2020, their support had been more evenly split, but this time, 48% of crypto holders planned to vote for Trump, a 9-point increase from four years earlier. Meanwhile, support for Harris among crypto owners fell to 39%, a 4-point decline from Biden’s 2020 numbers.

That 13-point net swing toward Trump may not sound seismic at first. But when you look at the razor-thin margins that decide modern elections, the impact becomes undeniable.

In 2020, Biden’s victory came down to just thousands of votes in a handful of key states:

  • Georgia: Won by 12,000 votes

  • Arizona: Won by 10,000 votes

  • Wisconsin: Won by 20,000 votes

Now consider this: in 2024, crypto voters had millions of potential swing voters at their disposal. Even a fraction of that bloc shifting toward Trump was enough to tilt the scales in his favor.

This was no accident. The crypto industry’s messaging was relentless, with Fairshake PAC and other advocacy groups flooding key battlegrounds with digital ads, influencer-driven content, and social media campaigns aimed at mobilizing crypto enthusiasts.

The message was simple: Biden’s administration had been hostile to crypto. Trump was promising deregulation, mining incentives, and a crackdown on the SEC’s enforcement actions. If you cared about the future of digital assets, the choice was clear.

And the strategy worked.

The Bigger Picture: Crypto’s Political Awakening

What happened in 2024 was more than just a political donation spree. It was a coming-of-age moment for an industry that had spent a decade fighting for legitimacy.

For years, regulators treated crypto as a rogue element—something to be contained, not engaged with. The SEC’s war on digital assets, led by Gary Gensler, had set the tone, with enforcement actions piling up against Coinbase, Binance, Ripple, and countless smaller projects. The message from Washington was clear: crypto was a threat, and it would be regulated into submission.

But with $200 million in political spending, crypto proved that it wasn’t just another tech fad—it was a power center with the ability to fund campaigns, mobilize voters, and shape elections.

More importantly, it set the stage for what comes next.

  • With Trump back in the White House, how aggressively will he follow through on his pro-crypto promises?

  • Will the SEC’s regulatory crackdown finally be rolled back, or will Washington find new ways to keep digital assets in check?

  • And perhaps the biggest question of all: now that crypto has political power, how will it use it?

Because one thing is clear: crypto’s days as an outsider movement are over.

🚨 Coming Up in Part 4: How crypto’s decentralized communication networks shaped voter behavior—and why this battle is far from over.

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#Fintech #Payments #Banking #Crypto #Stablecoin #AmazonOne #DigitalCurrency #VCFunding #Regulation #AI #EmbeddedFinance #FinancialServices #TechNews #StartupNews #Ecommerce #FutureOfFinance #YourInboxLastNight #YILN

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