Crypto sector invests more than $238 million in 2024 US elections, surpassing oil and pharma: report

The US cryptocurrency industry invested more than $238 million in the country’s 2024 election cycle, surpassing traditional sectors such as oil, pharmaceuticals and major Wall Street firms.

This is the first time that the digital assets sector has surpassed these established industries in political contributions.

Crypto donations

According to data compiled by blockchain analytics firm Breadcrumbs and reported by Fox Business, $181 million of the total came from donations to pro-crypto super PACs, with an additional $57 million going to individual candidates and their committees of support

Leading companies such as crypto exchange Coinbase, blockchain payments company Ripple and venture capital giant Andreessen Horowitz collectively contributed $160 million to industry-aligned PACs supporting the candidates they support in the digital assets industry.

Presidential candidates Donald Trump and Kamala Harris also emerged as top recipients of contributions from the crypto sector. The Trump campaign has raised more than $22 million from crypto sources, including more than $8 million in donations made using digital currencies such as Bitcoin (BTC), Ethereum (ETH), and Ripple’s XRP.

Cantor Fitzgerald CEO Howard Lutnick, a prominent Bitcoin investor and co-chairman of Trump’s presidential transition team, has given at least $6 million to Trump. If elected, the Republican nominee has publicly pledged to oust Securities and Exchange Commission (SEC) Chairman Gary Gensler, whose “regulation by enforcement” approach to digital assets has been heavily criticized.

More electoral donations

On the other hand, Harris has received about $12 million from donors in the crypto sector, almost all of which came from Ripple co-founder Chris Larsen. Contributions have mostly been made in XRP, Ripple’s native cryptocurrency.

Silicon Valley figures have also supported PACs aligned with Harris’ interests; LinkedIn co-founder Reid Hoffman contributed $250,000 to Future Forward, a leading super PAC supporting Harris, while tech investor Ron Conway contributed $600,000.

The crypto industry has also invested heavily in congressional races, including Fairshake, Defend American Jobs, and Protect Progress raising $170 million. Additionally, they deployed about $135 million in campaign ads to increase the number of pro-crypto lawmakers in Congress.

Fairshake affiliate Defend American Jobs spent $40 million supporting Ohio Senate candidate Bernie Moreno, a vocal proponent of cryptocurrency, as he challenges Sen. Sherrod Brown. Fairshake herself previously spent $13 million on ads targeting anti-crypto Democrats in primary races, contributing to the defeats of Reps. Katie Porter, Jamaal Bowman, and Cori Bush.

Some public interest groups have criticized the sector’s involvement in politics, arguing that the high spending gives the crypto industry disproportionate influence in policy decisions.

Rick Claypool, director of research at Public Citizen, called the contributions “a blatant attempt” to influence American democracy in favor of specific industry interests.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!