- The crypto industry contributed over $200M to 2024 U.S. presidential candidates, aiming to influence future regulatory policies.
- Trump’s campaign received major support from crypto leaders, including $6.4M from Bitcoin investor Howard Lutnick and $2M from the Winklevoss twins.
- Elon Musk’s America PAC has backed Trump with $72M, showing alignment with his policies and boosting the role of crypto in the election.
The cryptocurrency sector has made a significant mark on the 2024 U.S. presidential race, contributing over $200 million to support key candidates. New figures from the Federal Election Commission (FEC) reveal that these contributions are spread across political action committees (PACs), candidates, and various political organizations. This heavy financial backing highlights the crypto industry’s ambition to shape regulatory policies within the next administration.
🚨NEW: With just one week out from Election Day, we’re getting some new #crypto election spending numbers. According to recent @FEC filings, the crypto industry has now donated well over $200 million to various PACs, candidates and political organizations. More to come on this.…
— Eleanor Terrett (@EleanorTerrett) October 29, 2024
Substantial Contributions to Trump’s Campaign
Notably, Donald Trump has drawn substantial financial support from prominent figures within the cryptocurrency industry. Bitcoin investor and Tether advocate Howard Lutnick alone has contributed $6.4 million to Trump’s campaign. The Winklevoss twins, founders of the Gemini exchange, have collectively added another $2.04 million.
Furthermore, these contributions emphasize the level of confidence the crypto sector has in Trump’s ability to address its interests. Further support for Trump has come from Kraken founder Jesse Powell, who contributed $844,943, along with Bijan Tehrani, co-founder of Stake, who donated $852,396.
Additionally, JP Richardson, CEO of Exodus, and entrepreneur Gary Cardone have donated amounts close to $850,000 each. These donations mark a strong showing of the crypto sector’s support for Trump’s campaign, suggesting the industry sees value in a potential Trump administration in addressing digital asset regulation.
Harris Gains Crypto Support Despite Fewer Contributions
In addition, while Trump has attracted the lion’s share of crypto-related contributions, Vice President Kamala Harris has also gained notable support from the crypto industry. Ripple co-founder Chris Larsen tops the list of her crypto-related donors, contributing $10million to her campaign.
Moreover, This substantial donation reflects a considerable level of confidence in Harris from a key player within the crypto world. Tech investor Vinod Khosla and Coinbase’s early investor Reid Hoffman have also backed Harris, with Khosla contributing $1 million and Hoffman adding $250,000.
Comparatively, while Harris’s contributions from the crypto sector remain smaller in comparison to Trump’s, she has nevertheless garnered support from high-profile blockchain and tech investors. This support for Harris underscores the influence that the crypto sector seeks to exert over candidates from both sides of the political aisle.
Musk’s America PAC Shows Alignment with Trump
Elon Musk, the world’s richest individual, has also emerged as a significant player in Trump’s campaign. Musk created America PAC, which has since channeled $72 million toward Trump’s re-election efforts between July and September alone. Musk’s financial backing signifies a clear alignment with Trump’s policies and positions within the Republican Party.
Therefore, as Election Day approaches, the surge in crypto donations highlights the strategic influence the industry hopes to secure in shaping future digital asset regulations. With major financial players aligning with both Trump and Harris, the crypto sector’s contributions could impact policies regarding cryptocurrency and blockchain in the next administration.