2024 Election: Crypto Industry's Massive Donations

The crypto industry has opened its digital wallets to influence the 2024 election, with political donations from or in support of the industry reaching around $190 million so far. This is a massive jump from the $15 million spent in 2020 and $98 million in the 2022 midterm elections.

• Cameron and Tyler Winklevoss, the "Winklevoss twins," are the biggest individual crypto donors, giving a combined $10.1 million.
• Top executives from Ripple Labs have collectively donated more than $3 million, with co-founder Chris Larsen contributing nearly $2.4 million.
• Coinbase CEO Brian Armstrong has given over $1.3 million, while Chief Legal Officer Paul Grewal has attended at least two Trump fundraisers.
• Other major individual donors include Jesse Powell (Kraken), Phil Potter (ex-Bitfinex), Kyle Samani (Multicoin Capital), Fred Ehrsam (Paradigm), and Fred Wilson (Union Square Ventures).

Targeting Trump and Other Crypto-Friendly Candidates

A significant portion of the donations has been directed towards candidates and groups supporting former President Donald Trump, who has promised to fire SEC Chair Gary Gensler if elected. The Winklevoss twins, for instance, have donated around $1.7 million in bitcoin to the Trump 47 Committee and over $700,000 to the pro-Trump Make America Great Again PAC.

• Trump has criticized the SEC's actions against major crypto firms like Coinbase and Kraken.
• The crypto industry views Gensler's SEC as a threat and hopes to influence the next administration's crypto policies.

Bipartisan Approach: Targeting Both Republicans and Democrats

While a significant portion of the donations has gone to Republican candidates and PACs, the crypto industry has also targeted Democrats who are seen as crypto-friendly.

• Ripple executives have donated to Democratic candidates, including Rep. Ro Khanna (D-Calif.).
• The Fairshake PAC, funded by Coinbase, Ripple, Jump Crypto, and Andreessen Horowitz, has taken a bipartisan approach.

Future Forward PAC and Vice President Kamala Harris

According to blockchain analyst James Delmore's report, no known donations have been made in cryptocurrency to the Future Forward PAC, which is raising funds for Vice President Kamala Harris, the Democratic nominee for president. However, the PAC recently began accepting crypto donations through a partnership with Coinbase Commerce.

Shifting Dynamics: From FTX to a More Diverse Contributor Base

Unlike the 2022 election cycle, which was dominated by spending from the now-bankrupt FTX and its founder Sam Bankman-Fried, this year's contributor list is more robust and diverse, with a broader range of crypto firms and individuals participating.

Election 2024: A Pivotal Moment for Crypto Regulation

The 2024 election is shaping up to be a pivotal moment for the crypto industry, as it seeks to influence the next administration's policies and regulations. With billions of dollars at stake, including political donations, NFT sales, and betting markets, the industry is leaving no stone unturned in its efforts to shape the regulatory landscape.

Mobilizing Voters: Stand With Crypto Alliance's Efforts

Beyond donations, the crypto industry is also mobilizing voters through initiatives like the Stand With Crypto Alliance, launched by Coinbase. The alliance is currently on a cross-country bus tour through battleground states to register voters and culminate in a event in Washington, D.C., featuring speeches by Coinbase executives and a live performance by The Chainsmokers.