Democrats Raise $50M Digital Donation After Biden's Presidential Race Exit

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Democrats Raise $50M Digital Donation After Biden’s Presidential Race Exit – Crypto News

Published

1 year ago

July 22, 2024

Dripp

Democratic PAC raised over $50 million online on Sunday following President Joe Biden’s decision to exit the presidential race and endorse Vice President Kamala Harris as the party’s candidate. This significant influx of funds marks a critical moment in Democrats campaign, as the party seeks to consolidate its resources and rally support behind Harris. Moreover, it is speculated that the digital donations were made by crypto voters as well who urge Harris to take a pro-crypto stance.

Democrats Attract Massive Donation

Bill Allison, a political analyst at Bloomberg, noted that the former President Donald Trump has also seen substantial financial backing, particularly following his recent legal troubles. Moreover, Trump managed to raise about $58 million in a single day after his indictment in New York. This showcases the fundraising prowess that he continues to wield within the Republican Party.

Additionally, reports indicated that Elon Musk has committed to contributing $45 million monthly to a super PAC aimed at boosting Trump’s voter turnout efforts. However, Musk refuted such claims. In contrast, the Democrats faced a period of financial uncertainty in July.

Many Democratic donors had withheld approximately $90 million intended for a primary super PAC supporting Biden, citing concerns about his ability to complete another term. However, with Joe Biden‘s endorsement of Harris, there has been a palpable shift in donor sentiment. Kamala Harris, now at the top of the ticket, has direct access to Biden’s $96 million war chest, a significant financial asset for the upcoming campaign.

The spike in online donations, particularly through ActBlue, suggests renewed enthusiasm among supporters Democrats. Although the exact allocation of these funds remains unclear, it is expected that a substantial portion will support Harris’s campaign and the Democratic National Committee (DNC).

Also Read: Ripple CTO David Schwartz Bets on Joe Biden’s Replacement for Crypto Vote

Letter To Kamala Harris

The Chamber of Digital Commerce, a prominent blockchain trade association, has appealed to Vice President Kamala Harris to adopt a supportive stance on the crypto space. This request follows President Joe Biden’s decision not to endorse Harris for the Democratic nomination. Moreover, industry leaders continue to advocate for favorable crypto regulations.

The Chamber has urged Harris to engage more closely with the blockchain and crypto sector. In a recent letter, they emphasized the significant potential for economic growth, innovation, and financial inclusion within these industries. Furthermore, the letter highlighted that these sectors could drive substantial progress if given the right regulatory environment.

More than 50 million Americans have embraced digital assets, viewing them as tools for democratizing finance, the letter noted. This data indicates that digital assets are particularly popular among Black and Latino Americans and immigrant communities, who are important constituencies for the Democratic Party, compared to traditional financial products.

The Chamber pointed out that digital assets are more than just financial tools; they represent a shift toward greater transparency and reduced fraud. Specifically, the group called on Harris to support pro-digital asset language in the party platform.

They want her to choose a vice-presidential candidate with a strong policy background, and engage with industry leaders. This contrasts with the Biden administration that has been characterized as anti-crypto. This has led some industry leaders to support Donald Trump in the upcoming elections.

Also Read: Elon Musk Arrives In Tennessee, Are Bitcoin Conference Rumors True?

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