Source: Cointelegraph Original: "{title}"
Former Chief Legal Officer of the cryptocurrency exchange Kraken, Marco Santori, praised the political campaign donations from cryptocurrency industry companies in the 2024 election as "democracy in action."
In an exclusive interview with Cointelegraph, the former Kraken executive believed that voters in the cryptocurrency space tilted the election results in favor of then-candidate Trump and the Republican Party.
The executive also stated that donations from cryptocurrency companies (many of which are currently facing regulatory lawsuits that have been dismissed) do not represent a conflict of interest. Santori told Cointelegraph, "Opponents only call it a conflict of interest when it's a cause they don't support; otherwise, it's just democracy in action. This is people speaking up for their own interests — just like you and I. That's what's happening, and that's what happened in the last election."
"Look at what happened in November. Who can deny that voters in the cryptocurrency space contributed 4% to 5% of the votes?" Santori added, "In the U.S. elections, this is a huge factor across different demographics in various states."
2024 U.S. Election Map. Source: 270 To Win
In September 2024, Dr. Tonya M. Evans, a law professor at Penn State University, told Cointelegraph that the margin of victory in the 2024 U.S. election would be very small, and voters in the cryptocurrency space have the power to sway the election results.
Cryptocurrency Industry Invests Heavily in the 2024 U.S. Election
During the 2024 U.S. election cycle, donations from the cryptocurrency industry accounted for nearly half of all corporate political campaign contributions.
According to the nonprofit watchdog Public Citizen, digital asset companies donated over $119 million in the 2024 U.S. election to support candidates and policies that favor cryptocurrency.
Proportion of Corporate Campaign Contributions from the Cryptocurrency Industry in the 2024 Election Cycle. Source: Public Citizen
This includes funding for presidential and congressional elections, such as Congressman Bryan Steil's re-election campaign, where the cryptocurrency political action committee Fairshake spent $760,000 at the last minute to run media ads supporting the congressman.
According to former White House Chief of Staff Mick Mulvaney, the cryptocurrency industry has established a professional lobbying effort in the recent election cycle — something that was absent in the 2016 and 2020 elections.
The lobbying efforts of the cryptocurrency industry are seen as a catalyst for the Republican Party to win both houses of Congress, the popular vote, and the presidency in 2024.
Related: Wiley Nickel states: For cryptocurrency regulation to achieve lasting change, it must go through the relevant procedures in the U.S. Congress.
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