The crypto industry has funneled $119 million into this year’s elections, as reported by Public Citizen.
Coinbase and Ripple are at the forefront of contributions to super PACs that back pro-crypto candidates.
Amid industry scrutiny and federal investigations, candidates are now viewing crypto as a significant voter issue.
Crypto companies have emerged as one of the most substantial political spenders in federal elections, contributing nearly half of the corporate money to this year’s races, according to Public Citizen, a consumer rights advocacy group.
Most of this funding comes from Coinbase and Ripple, which are channeling money into super PACs like Fairshake PAC, focused on “elevating pro-crypto candidates and attacking crypto skeptics,” per Public Citizen’s findings.
Corporations have no cap on the amount they can invest in political candidates, due to the Supreme Court’s 2010 ruling in Citizens United vs. the Federal Election Commission. However, these contributions must go to groups not directly tied to a candidate’s official campaign.
The crypto industry has notably increased its spending for the 2024 election, following its involvement in the 2020 election during the time when Sam Bankman-Fried was a prominent figure in the industry.
Now, the stakes are even higher. “The industry views this election as existential,” Veronica McGregor, chief legal officer at crypto wallet company Exodus, told Wired. “Regardless of who takes office, changes are necessary for our industry to reach its full potential.”
The influx of money into the presidential race has prompted candidates to recognize crypto as a pivotal issue that could sway voters. This could also mark a turning point for an industry that has faced criticism for evading regulations and has been under federal scrutiny.
At the 2024 Bitcoin conference in Nashville in February, Trump, who in 2019 labeled Bitcoin as “highly volatile and based on thin air,” stated he would unveil a plan “to ensure that the United States becomes the crypto capital of the world and the Bitcoin superpower.” Trump has already garnered support from several crypto enthusiasts, including his running mate JD Vance, who holds at least $250,000 in Bitcoin.
Harris, on the other hand, has been more measured in her support for the industry. “She will back policies that foster the growth of emerging technologies and industries,” one of her campaign advisers told Bloomberg.
Meanwhile, a new group called Crypto4Harris, led by PayPal’s former head of blockchain strategy, Johnathan Padilla, is working on “developing a nuanced crypto-policy approach for the Harris For President campaign,” according to its X page.
Padilla aims for the group to bridge the gap between the Democratic Party and the crypto industry, which currently seems to be leaning toward Trump.
“People are frustrated. People are worried,” Padilla told Wired. “But I believe that with the reset we are discussing in the Harris campaign, there is a good chance to calm things down.”
