Cryptocurrency companies spent more than $134 million on the 2024 US elections, fueling concerns about their growing political influence and potential risks to regulatory stability, according to a report by the Center for Political Accountability (CPA).
The growing connection of crypto firms with US politics is raising newfound concerns for regulators, investors and the wider financial system, according to a report released by the Center for Political Accountability (CPA).
Cryptocurrency firms shelled out a cumulative $134 million on the 2024 US elections in “unchecked political spending,” which presents some critical challenges, the March 7 report stated.
“While the companies making these contributions may be seeking a favorable regulatory environment, these political donations further erode public trust and expose companies to legal, reputational, and business risks that cannot be ignored,” the report added.
Cryptocurrency regulation has taken center stage over the past week