The American Democracy Minute Radio Report & Podcast for Nov. 18, 2024

Today’s Script

(Variations occur with audio due to editing for time. Today’s Links below the script)

You’re listening to the American Democracy Minute, keeping YOUR government by and for the people.

President Donald Trump was not a fan of crypto currency.  That is, until crypto magnates started pouring money into SuperPACs supporting his candidacy and select Congressional candidates to the tune of $133 million dollars.

Trump said on Twitter in 2019.  “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” he wrote.

In May, Trump’s campaign became the first to accept Bitcoin contributions, reporting $7.5 Million in crypto currency donations.  Money in politics tracking organization Open Secrets reports that three SuperPACs, Fairshake, Protect Progress, and Defend American Jobs, were funded primarily by crypto companies and entrepreneurs.  As of October’s filings, they had spent over $133 Million dollars to support Trump, and for and against Senate candidates, including $40 million supporting Republican Bernie Moreno against Democrat Sherrod Brown in Ohio.   Half of Fairshake’s contributions came from just two crypto companies, CoinBase and Ripple, totaling over $107 Million dollars.   

Trump has now changed his tune.  Speaking to a Bitcoin conference in July, Trump promised, “From now on, rules will be written by people who love your industry, not hate your industry.”   

We have links to Open Secrets’ data and more at AmericanDemocracyMinute.org. I’m Brian Beihl.

Today’s Links

Articles & Resources:
Donald Trump – (2019) Cryptocurrency comment on X/Twitter
CNBC – Trump PAC has raised about $7.5 million in crypto donations since early June
NBC News – Here’s what Trump promised the crypto industry ahead of the election
Open Secrets – Pro-crypto super PACs pouring tens of millions into 2024 elections

Open Secrets – The crypto trio: How the cryptocurrency industry has made its mark on 2024 elections

Public Citizen – (Aug. 2024) Big Crypto, Big Spending: Crypto Corporations Spend an Unprecedented $119 Million Influencing Elections
CNN – The crypto industry plowed tens of millions into the election. Now, it’s looking for a return on that investment

Groups Taking Action:
Public Citizen, Citizens for Responsibility and Ethics in Washington (CREW), End Citizens United

Register or Check Your Voter Registration:

U.S. Election Assistance Commission – Register And Vote in Your State

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#Democracy  #DemocracyNews #MoneyinPolitics #BigMoneyCorruption #Crypto #Bitcoin #SuperPACs

The post Colossal Crypto Contributions Change Trump’s Mind, Likely Leading to Friendly Regulation – Or None at All appeared first on American Democracy Minute.