Cryptocurrency donations have hit $238 million in the 2024 US election, making the industry as a leading sector in Washington politics.
By Anisha Pandey
Edited by Julia Sakovich
Updated
3 mins read
Crypto donations have soared to new heights in the 2024 US election cycle, with over $238 million in contributions. This makes crypto one of the most influential industries in Washington, estimated to contribute 48% of total corporate donations.
Recent data suggests that cryptocurrency donations have outpaced traditional heavyweights such as oil and pharmaceuticals.
This surge is setting the stage for the crypto industry to wield unprecedented influence over policymaking in the US capital.
The majority of these crypto donations are channeled through individual contributions and super PACs, with high-profile players, including Coinbase, Ripple, and Andreessen Horowitz (a16z), contributing majorly. Together, these three entities contributed a staggering $160 million in support of pro-crypto candidates like John Deaton.
The bulk of the cryptocurrency donations, about $181 million, have flowed through super PACs, with the remaining $57 million in individual donations. High-profile crypto industry leaders such as Ripple’s co-founder Chris Larsen, Gemini founders Winklevoss twins, and Andreessen Horowitz partners Marc Andreessen and Ben Horowitz have made big contributions.
Breadcrumbs’ research analyst James Delmore believes that the crypto industry is signaling politicians that the current regulatory framework is not working for the investors. These crypto donations underscore the industry’s determination to secure a more favorable regulatory environment, which advocates believe is essential for sustaining the digital asset economy in the United States.
Notably, several reports indicate that a crypto super PAC has spent over $137 million on campaigns and ads.
Candidates in both major parties are benefiting from the industry’s growing influence. Former US president Donald Trump has raised $22 million from 17 major crypto backers. Trump has repeatedly promised to make the US the global hub for cryptocurrency. He has also disclosed plans to establish a council aimed at designing transparent and regulatory frameworks for the cryptocurrency industry, in addition to dismissing the current SEC Chair, Gary Gensler.
In contrast, Vice President Kamala Harris has amassed $12 million, largely from Ripple’s co-founder Chris Larsen. Larsen has donated nearly $11.7 million, much of it in XRP. Harris has mostly been quiet on the crypto topic but stated in September that she will encourage “innovative technologies like AI and digital assets.”
Additionally, crypto enthusiast Elon Musk has donated $75 million to a pro-Trump Super PAC, though these funds were reportedly not in the form of cryptocurrencies.
As the 2024 elections unfold, the outcome may well shape the direction of crypto regulation and adoption in the US. Analysts speculate that a Trump win could drive Bitcoin prices higher. Renowned trader Daan Crypto Trades recently predicted a potential 10% swing in Bitcoin’s price depending on election outcomes.
Bitcoin BTC $104 780 24h volatility: 0.7% Market cap: $2.08 T Vol. 24h: $42.11 B is currently trading at around $68,750, down 6.8% from its all-time high of $73,750, achieved in March of this year. The largest cryptocurrency has performed well in October, with its value trading above 10% in the past 30 days. While BTC trades sideways in the short term, crypto supporters are closely watching the election outcomes.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.