Crypto donations for 2024 U.S. election hit $190m

As the November elections draw closer, cryptocurrency donations for the 2024 US elections have accelerated.

On September 13, Fox correspondent Eleanor Terret shared details of an analysis showing that politically divided campaign teams have raised $190 million in crypto donations to date.

The 2024 US election cycle, which has received millions of dollars from crypto billionaires and the broader industry, far surpasses the last cycle. In fact, it dwarfs the total donations from the crypto industry in the 2020 and 2022 cycles.

Only $15 million in 2020

In 2020, crypto donations reached nearly $15 million, while the 2022 midterm elections brought in $98 million.

Notably, the $15 million donation in 2020 reportedly includes a $5.2 million donation from imprisoned former FTX CEO Sam Bankman-Fried to outgoing President Joe Biden’s campaign.

SBF was later accused of making more than 300 illegal political donations, with indictments following the collapse of FTX, crypto.news reported at the time.

Crypto super PACs

Major political donations from the crypto space in 2024 included contributions from Coinbase, Ripple, and Gemini executives. According to a recent report from Public Citizen, most of the crypto donations flowed to nonpartisan groups and political action committees.

These PACs, like Fairshake, aim to elect crypto-friendly legislators as part of a quest to have more crypto voices in Congress.

But former President Donald Trump received his fair share of those donations. Meanwhile, a super PAC supporting Kamala Harris has also begun accepting such contributions.