Crypto Firms' $144 Million Investment in Trump's 2024 Campaign Sparks Regulatory Concerns

A recent report by the Center for Political Accountability (CPA) reveals that U.S. crypto firms invested over $144 million in Donald Trump's 2024 reelection campaign, raising concerns about "unchecked political spending." The report, published recently, highlights that this aggressive push for deregulation, combined with opaque political contributions, could erode investor confidence and public trust. Coinbase's PAC donated over $79 million, while Ripple contributed over $63.6 million. Additionally, Coinbase donated $1 million to Trump's inauguration committee, and Ripple donated $5 million in digital assets. Gemini founders, Tyler and Cameron Winklevoss, donated $1 million in Bitcoin, exceeding legal limits. The report also points out potential conflicts of interest, such as crypto investor David Sacks, Trump's pick for 'crypto czar,' potentially benefiting from the U.S. government holding Bitcoin. Furthermore, the report highlights the risks of political leaders promoting meme coins, citing Argentinian President Javier Milei's promotion of $LIBRA, which lost $4.6 billion, and Trump's promotion of $TRUMP, which has lost over 83% of its value since January 19.