According to a Federal Election Commission report released Thursday, the Harris Victory Fund, which gathers funds for Harris’s campaign and Democratic groups, has raised $1.2 billion this cycle.

In comparison, Trump’s National Committee JFC, funding both Trump’s campaign and the Republican National Committee, pulled in $375.3 million, while Trump’s 47th Committee, a joint fundraising arm targeting bigger donors, gathered $327.5 million.

Generous crypto players didn’t sit this one out. Companies, industry leaders, and political super PACs in the crypto space are pouring unprecedented amounts into the election — surpassing even the Koch family, who are famously big spenders. Just for context, Koch’s PAC shelled out over $61 million to support Republican candidates in 2024. 

Cash Flow in Crypto in the Elections

According to Public Citizen, the consumer advocacy nonprofit, crypto companies are leading the pack of political sponsors, having dropped nearly $120 million on federal elections. Crypto accounts for almost half of all corporate campaign cash flowing this year.

Fairshake, the top pro-crypto super PAC, has raised over $204 million for the 2024 cycle. More than half of its funding — $107.9 million or 53% — comes straight from companies likely to benefit from its initiatives, notably Coinbase and Ripple.

The rest of the PAC’s war chest comes mostly from crypto billionaires and venture capitalists, including $44 million from Andreessen Horowitz’s founders, $5 million from the Winklevoss twins, and a million from Coinbase’s CEO Brian Armstrong.

Armstrong said:

The risk of not doing anything is too great: I worry about that. Getting the wrong kind of regulation is worse than none at all.

Both former President Donald Trump and Vice President Kamala Harris have made moves to cozy up to the crypto industry in their campaigns.

Who Gets More Crypto Donations?

The crypto world is betting on a crypto-friendly Congress or president to set the stage for less restrictive digital currency regulations. Lately, Trump has been fueling hope that he’ll be crypto’s best buddy, and it’s paying off. His political action committee has raked in at least $7.5 million in crypto donations since June. 

JP Richardson, CEO of Exodus Crypto Wallet, said he donated the maximum possible contribution of $844,000 to the Trump campaign.

“I’ve personally backed Trump, and I’d be thrilled to do the same for Harris if she came out with a bold pro-crypto stance like Trump has, but she hasn’t,” Richardson said.

For Richardson, the “wake-up call” to get political hit on May 9, when his company was planning to debut on the New York Stock Exchange. Just before trading opened, the SEC delayed the listing to review the company’s registration statement, leaving Richardson with a new motivation.

“Before that moment, I didn’t think much about politics, but now I feel cornered — politics matters to me more than ever,” he added.

As a result, Exodus contributed $1.3 million to Stand With Crypto, an advocacy organization dedicated to voter registration and raising public awareness about crypto-friendly candidates.

Crypto’s influence on the coming election is undeniable, but how far it reaches will only be clear after the votes are in.

Polymarket Betting Trends Back Trump as Nobel Laureates Rally for Harris | HODL FM
Trump’s odds surge on Polymarket draws scrutiny as a “French whale” behind bets backs Trump for 2024 election.
hodl-post-imageHODL FM: The Wildest Ride in the Crypto MarketKataryna Habeliia
hodl-post-image

Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.