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

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As a researcher with a background in political finance and technology, I find the recent surge in Democratic Party fundraising following Vice President Kamala Harris’ endorsement and Joe Biden’s exit from the presidential race to be an intriguing development. Having closely followed the 2016 and 2020 U.S. elections, I have witnessed firsthand the crucial role that digital donations play in modern campaign financing.

On Sunday, a Democratic Political Action Committee (PAC) raked in over $50 million in online donations following President Joe Biden’s announcement that he was ending his presidential campaign and endorsing Vice President Kamala Harris as the party’s nominee. This massive financial influx represents a pivotal moment for the Democratic campaign, as they work to centralize their resources and generate enthusiasm behind Harris. It’s also believed that a portion of these digital contributions came from crypto voters, who are advocating for Harris to adopt a pro-crypto stance.

Democrats Attract Massive Donation

Political analyst Bill Allison of Bloomberg pointed out that since his latest legal issues, former President Donald Trump has garnered significant financial support. Notably, he managed to rake in an impressive $58 million in a single day after being indicted in New York. This demonstrates Trump’s continuing strong fundraising abilities within the Republican Party.

An extra piece of information emerged that Elon Musk was supposedly giving $45 million per month to a political action committee (PAC) intended to increase Trump’s voter base. However, Musk denied these allegations. On the other hand, the Democrats encountered financial instability in July.

Approximately $90 million that Democratic donors had earmarked for a primary super PAC backing Biden was withheld due to doubts about his capacity to serve another term. However, following Biden’s endorsement of Harris, there has been a noticeable change in the attitudes of these donors. Now that Harris is the nominee, she can tap into Biden’s $96 million campaign fund as a valuable financial resource for their joint efforts in the upcoming election.

The surge in contributions to ActBlue and other online Democrat platforms indicates a fresh wave of democratic supporters’ engagement. While the specific use of these proceeds is yet undisclosed, a significant chunk is anticipated to bolster Harris’s bid and the Democratic National Committee.

Letter To Kamala Harris

The Chamber of Digital Commerce, a well-known blockchain industry advocacy group, has urged Vice President Kamala Harris to take a friendly position towards cryptocurrencies. This call comes after President Joe Biden did not endorse Harris for the Democratic nomination in the past. Furthermore, key players within the crypto sector are still pushing for lenient regulations in this field.

The Chamber advocates for Harris to foster closer ties with the blockchain and cryptocurrency field. In a recent correspondence, they underscored the immense possibilities for economic expansion, groundbreaking innovation, and increased financial accessibility within these domains. Additionally, the letter pointed out that favorable regulatory conditions could propel substantial advancements in these industries.

Approximately 50 million Americans have adopted digital assets, viewing them as instruments for democratizing finance and expanding access to financial services. Notably, this demographic includes a significant number of Black, Latino Americans, and immigrant communities, who are key voting blocs for the Democratic Party, and have shown a stronger preference for digital assets over traditional financial products.

The Chamber emphasized that digital assets go beyond being mere financial instruments; they symbolize a transition towards increased transparency and decreased deceit. Particularly, the organization urged Harris to advocate for favorable language related to digital assets in the Democratic Party’s official stance.

The team is looking for her to select a vice president who boasts a robust policy experience and actively interacts with business elites. In contrast, the Biden administration’s stance towards cryptocurrency has been criticized as unfavorable, resulting in some industry heads expressing their allegiance to Donald Trump during the upcoming elections.

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2024-07-22 18:40