The 2024 US elections have significantly bolstered the crypto industry’s standing in the global finance sector. In this presidential race, donations from the crypto sector reached $238 million, surpassing contributions from traditional industries such as oil and pharmaceuticals. This development could lead legislative bodies in Washington to adopt a more favorable stance towards digital assets.
Crypto Donations Reach New Heights
According to data from the Federal Election Commission, individual and super PAC donations in crypto have totaled $238 million. This amount exceeds contributions from traditional industries like oil and pharmaceuticals. Notably, major players such as Coinbase, Ripple 
$2, and Andreessen Horowitz have collectively supported pro-crypto super PACs with over $160 million.
A joint survey conducted by Breadcrumbs and FOX Business indicates that this substantial donation volume signifies a remarkable increase. According to Breadcrumbs analyst James Delmore, these contributions send a clear message from the crypto sector to US policymakers: “Current crypto regulations in the US are ineffective.”
Crypto’s Political Power Rises
Both Trump and Harris campaigns have benefited from crypto donations. Trump alone raised over 50% of these contributions. According to FEC data, Trump and Harris together accounted for a total of $34 million, with Trump receiving $22 million from 17 major donors, while Harris raised $12 million. Notably, 99% of these donations came from Chris Larsen, the co-founder of Ripple.
A similar scenario is observed in the Ohio Senate race, where Democratic Senator Sherrod Brown holds a slim lead over Republican Bernie Moreno. Moreno has received over $40 million in donations from a pro-crypto super PAC.
Criticism of Crypto Donations
The significant contributions from the crypto industry have raised concerns that these donations aim to influence policies. Rick Claypool, research director at consumer advocacy group Public Citizen, described this situation as “crypto companies spending millions to manipulate US democracy for profit.”
The crypto industry is gaining power in the political arena, which has the potential to influence future regulations. This large increase in donations may allow digital assets to play a more significant role in politics, shaping regulations that guide market dynamics.
