The 2024 U.S. elections have brought the crypto industry into the spotlight, making it a key player in the global financial sector. For the first time, crypto donations in this presidential election have surpassed $238 million, outpacing traditional industries like oil and pharmaceuticals. This trend may encourage lawmakers in Washington to be more supportive of the digital asset industry.
Crypto Donations Surpass $238 Million in 2024 Election
According to data from the Federal Election Commission (FEC), $238 million in crypto donations were made, including individual donations and contributions to super PACs. This amount exceeds the contributions from industries like oil and pharma.
Some of the largest crypto donors include Coinbase, blockchain payments company Ripple, and venture capital firm Andreessen Horowitz. These three contributed more than $160 million to pro-crypto super PACs that supported candidates like John Deaton in the Congressional race.
The survey, conducted by Breadcrumbs and FOX Business, highlighted the significant crypto donations. James Delmore, a research analyst at Breadcrumbs, shared insights on the numbers. Of the total $238 million, $181 million went to super PACs, while $57 million came from individual donations, including contributions from Ripple co-founder Chris Larsen, Gemini exchange founders Winklevoss twins, and Andreessen Horowitz partners Marc Andreessen and Ben Horowitz.
Both Donald Trump and Kamala Harris have benefited from crypto donations, with Trump receiving more than 50% of the total donations. FEC data shows that Trump and Harris together raised $34 million in crypto contributions.
Trump received over $22 million from 17 major donors, while Kamala Harris raised $12 million, nearly all of it from Ripple co-founder Chris Larsen.
Other pro-crypto candidates are also gaining traction. In Ohio, the race for the Senate seat is extremely close, with Democratic Senator Sherrod Brown leading GOP candidate Bernie Moreno by just 1%. Moreno, who actively sought crypto support, received over $40 million from a pro-crypto super PAC. This raises the question of whether crypto voters could influence the outcome of key races.
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