Political Donations Hits Record $91M of Crypto Pre 2024 Election

Harvey Hunter

Last updated:

May 17, 2024 19:14 EDT

| 2 min read

The crypto industry has made a record $94 million in political donations since 2023 in an effort to support pro-crypto governance.

According to a May 17 Bloomberg report, crypto industry donors have contributed $94 million to federal political committees since 2023. This is more than the $83 million donated during the last 2020 election cycle.

Most political donations come from political action committees (PACs). These organizations pool member contributions and donate the funds to campaigns for or against candidates, ballot initiatives, or legislation.

PACs strategically allocate funds in primaries to influence candidate selection that is favorable to their interests.

Who is Making Crypto Political Donations?.

The Super PAC Fairshake has raised over $85 million to support political candidates who endorse crypto and blockchain technology in the upcoming election.

Fairshake seeks to ensure that elected candidates will advocate for establishing and adopting much-needed regulations for the cryptocurrency industry.

Most recently, Fairshake spent over $10 million successfully opposing a Democratic U.S. Senate candidate in California through a series of negative ads that helped keep her off the ballot.

Fairsake’s mission has attracted the attention of major players in the crypto space, including venture capitalists Marc Andreessen and Ben Horowitz, who each gave Fairshake $9 million.

They have also attracted large crypto firms like Coinbase, which donated $20.5 million, and Ripple Labs, which contributed $20 million, according to the report.

Coinbase CEO Brian Armstrong has been vocal about his opposition to anti-crypto governance and contributed $1 million personally.

The largest crypto industry contributor is Jeffrey Yass, a major donor from Susquehanna International Group, who supports a range of networks from Bitcoin to ByteDance.

Describing himself as a libertarian, Yass predominantly backs Republican candidates and has already donated $70 million toward political causes.

Crypto in the 2024 Election.

Elections are now crucial to the future of cryptocurrency. As major jurisdictions slowly become hubs for cryptocurrency development, it is critical to establish strong regulatory support for the technology.

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