Crypto companies have spent millions on the 2024 election

  • 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why cryptocurrency companies are spending big on politics.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:05All ears are tuned to Federal Reserve Chairman Jerome Powell
00:08as he lays out his plan for lowering interest rates
00:11as inflation moderates and the labor market cools.
00:14Investors are betting with certainty
00:16that there will be a cut of at least a quarter percentage
00:19point at the meeting in September.
00:22Wall Street is also digesting the biggest jump in new home
00:25sales in 14 months.
00:28The median sales price rose to $429,800.
00:33In other news, crypto is betting big in the 2024 election
00:36cycle.
00:37The industry has donated about $119 million
00:40so far, that's nearly half of all corporate donations
00:44this election cycle, according to estimates
00:46by Public Citizen, a nonprofit watchdog.
00:49The bulk of the political contributions
00:51have gone to a bipartisan super PAC known as Fairshake.
00:55According to its website, quote,
00:57Fairshake supports candidates committed
00:59to securing the United States as the home
01:01to innovators building the next generation of the internet.
01:05Coinbase and Ripple are responsible for 80%
01:08of the crypto industry's donations.
01:10Coinbase has contributed more than $50 million,
01:13and Ripple has contributed $48 million.
01:16Both companies have been locked in legal battles
01:18with the Securities and Exchange Commission
01:20under the Biden administration.
01:22Republicans have tried to paint their party as pro-crypto.
01:26In August, Donald Trump announced a new crypto project
01:29for his family business called The Defiant Ones.
01:32But crypto is playing both sides of the aisle.
01:35Political donations are going to Republicans and Democrats
01:39in hopes of tilting the balance away
01:41from legislation and regulations the industry considers
01:45too tight.
01:46That'll do it for your daily briefing from the New York
01:49Stock Exchange.
01:50I'm Conway Gittins with The Street.

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