US elections: Crypto donations surpass $238M, reshaping political influence
Highlights
- Major crypto players like Coinbase, Ripple, and Andreessen Horowitz contribute to pro-crypto candidates and super PACs.
- Donald Trump attracts over $22 million in crypto donations, while Ripple co-founder Chris Larsen backs Kamala Harris.
- Record-breaking crypto spending in the election sparks criticism over industry influence on U.S. policy.
In a historic turn, the 2024 U.S. elections have brought the crypto industry to new political heights, with donations exceeding $238 million. This remarkable sum, surpassing contributions from traditional sectors like oil and pharmaceuticals, signals the growing clout of digital assets in Washington and positions lawmakers to take a more favorable view on crypto policy.
Crypto Donations Exceed $238 Million, Outpacing Traditional Sectors
Federal Election Commission (FEC) filings show that crypto donations have reached a staggering $238 million in support of pro-crypto super PACs and individual candidates, far outpacing industries like oil and pharmaceuticals. Leading contributors include Coinbase, Ripple, and venture capital firm Andreessen Horowitz, collectively donating over $160 million to support pro-crypto candidates like John Deaton in his Congressional bid.
According to a survey by analytics firm Breadcrumbs and FOX Business, the unprecedented spending underscores the crypto sector’s message to U.S. politicians: current regulatory frameworks are inadequate. Of the $238 million, about $181 million was directed to super PACs, while the remaining $57 million came from individual donations by figures such as Ripple’s Chris Larsen and Gemini’s Winklevoss twins.
Political Impact: Crypto Donations to Key Candidates
Both Donald Trump and Kamala Harris have benefited significantly from the crypto sector’s donations. Trump has amassed more than $22 million, with support from 17 top donors, while Kamala Harris received $12 million, largely from Ripple’s Chris Larsen. In the Ohio Senate race, crypto-backed GOP candidate Bernie Moreno has narrowed the gap against incumbent Sherrod Brown, fueled by over $40 million in contributions from a pro-crypto PAC.
Paul Grewal, Coinbase’s Chief Legal Officer, noted the influence of “crypto voters” as a significant factor in this election. Moreno’s campaign exemplifies how crypto donations may sway tight races, hinting at a possible crypto electorate shaping the outcome.
Criticism and Opposition to Crypto’s Expanding Influence
The record-breaking contributions have also faced criticism, with observers warning that the crypto sector’s spending is a thinly veiled attempt to shape policy to its benefit. Rick Claypool, research director at consumer advocacy group Public Citizen, argues that this level of spending underscores the crypto industry’s push for minimal regulation and lenient enforcement, making its demands impossible to ignore
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