Elon Musk, Coinbase, Gemini, and more: Crypto players are putting cash into the 2024 election
Crypto has become political this election year.
Former President Donald Trump is accepting campaign donations in Bitcoin, Ether, Dogecoin, Solana, and others, and has declared himself a “crypto candidate.” His position on cryptocurrency represents a significant reversal from a few years ago, when he denounced Bitcoin as “a scam against the U.S. dollar.” Now Trump says he is “good” with crypto.
President Joe Biden’s campaign is also considering accepting Bitcoin and cryptocurrency donations. Some Democrats, historically wary of cryptocurrency, are now showing some support, distancing themselves from Sen. Elizabeth Warren’s stance.
As political attitudes toward cryptocurrencies change, the crypto industry is hopeful its fortunes will improve following the election. That’s why people and groups tied to crypto companies are contributing millions of dollars to political campaigns and other groups. Disgraced crypto billionaire Sam Bankman-Fried previously donated millions of dollars to Democrats when he was celebrated as a crypto poster boy.
Take a look at how figures and companies in the crypto community are getting involved in the election-year campaign cash race.
Elon Musk
Tesla CEO and crypto advocate Elon Musk has reportedly pledged $45 million per month toward a super PAC supporting Trump. That group was founded in June and has its headquarters in Austin, Texas — the same place where Musk’s EV company is based.
Coinbase
Coinbase has donated $49 million to support Fairshake, a super PAC that aims to elect candidates favorable to digital assets and vote anti-crypto lawmakers out of Congress.
The largest cryptocurrency exchange in the U.S., Coinbase is increasing its lobbying efforts, and other cryptocurrency companies have also joined the campaign. In addition to Coinbase’s contribuitions, venture capital firm Andreessen Horowitz and crypto firm Ripple also contributed $25 million each to Fairshake. The super PAC and its affiliates have raised a total of $177 million this election cycle.
Coinbase’s payment service, Coinbase Commerce, provides crypto donation services for both the Trump and Biden campaigns.
Gemini
The Winklevoss twins, founders of the cryptocurrency company Gemini, each donated 15.47 Bitcoin, or $1 million, in June to support Trump’s election. However, that amount exceeded the maximum of $844,600 that a joint committee of Trump’s campaign and other GOP groups can legally accept per person, so the excess above that limit was refunded.
Tyler Winklevoss posted on X that the Biden administration has “openly declared war on crypto,” while Cameron Winklevoss wrote that Trump is “pro-Bitcoin, pro-crypto, and pro-business.”
Earlier this year, Gemini entered a $2 billion settlement, the largest against a cryptocurrency company in New York’s history, to repay investors.
Kraken
Jesse Powell, CEO of cryptocurrency exchange Kraken, personally donated $1 million to Trump’s campaign. The donation was mostly in Ether, the second-largest cryptocurrency by market cap.
“I am excited to join other leaders from our community to unite behind the only pro-crypto major party candidate in the 2024 Presidential election so the United States can continue to remain a leader in blockchain technology,” Powell said last month on X.
He said that the Biden administration has allowed a “campaign of unchecked regulation by enforcement.”
Andreessen Horowitz
Andreessen Horowitz’s owners, Marc Andreessen and Ben Horowitz, reportedly plan to donate to super PACs supporting Trump. Andreessen Horowitz is a major Silicon Valley venture capital firm and investor in crypto companies, including Coinbase.
Andreessen Horowitz’s owners will make “large donations” to support Trump’s election, The Information reports. Last year, Andreessen Horowitz announced that it would support political candidates whose vision aligns with the company’s.
Multicoin Capital
Multicoin Capital, a crypto and blockchain investment firm, has donated up to $1 million to support pro-crypto Republican lawmakers. The firm has announced that it will match every Solana (a popular cryptocurrency) donated, up to $1 million, through The Sentinel Action Fund, a conservative super PAC.
“By making contributions, we’re giving @sentinelaction the tools to increase the number of pro-crypto senators like @BillHagertyTN — an innovator who understands and speaks our language,” Kyle Samani, managing partner at MultiCoin Capital, said in a post on X.