From Mar-a-Lago to the Hill: Crypto’s High-Stakes Bid for Power in 2024

• Crypto’s political influence is growing with $150M from major firms targeting key Senate races.
• Pro-crypto candidates stand to gain votes, as the industry seeks regulatory clarity and support.
• Presidential candidates are increasingly engaging with the crypto community.

As the 2024 U.S. election cycle unfolds, the cryptocurrency industry’s political influence is rapidly expanding, poised to shape legislative agendas and potentially sway electoral outcomes. 

With the sector investing heavily in political campaigns and advocacy groups, candidates are increasingly aligning themselves with pro-crypto platforms to court a growing voter base of crypto holders. According to Brad Garlinghouse, CEO of Ripple, candidates’ stances on crypto could significantly influence voter decisions, making advocacy for clear regulations crucial for this industry.

Ryan Selkis, the CEO of Messari, highlighted the political power of the crypto community during a recent event at Mar-a-Lago. Selkis noted that the United States is home to around 50 million crypto holders, emphasizing their potential impact on elections. This sentiment is echoed by many in the crypto industry who see the 2024 elections as pivotal.

The Biden administration’s crackdown on crypto has galvanized the industry to support pro-crypto candidates. As a result, three major crypto firms—Ripple, Coinbase, and Andreessen Horowitz— have committed $150 million to back super PACs supporting such candidates in congressional races.

Notably, these PACs have no plans to participate in the presidential election. However, they are heavily investing in Senate races, with the largest PAC, Fairshake, already spending $10 million on attack ads against crypto critics like Rep. Katie Porter.

This substantial investment aims to influence key races and sway legislators who are skeptical of crypto. For instance, Fairshake’s efforts seem to have influenced Sen. Sherrod Brown, who has shown a willingness to consider pro-crypto legislation.

Beyond legislative races, the crypto industry is also involved in the presidential campaign. Robert F. Kennedy Jr. has been interacting with crypto enthusiasts, increasing crypto’s relevance in today’s political landscape .

President Biden’s administration, perceived as anti-crypto due to the SEC’s actions, has started to engage with industry players like Coinbase and Ripple, signaling a potential shift in policy.

Former President Donald Trump and the current presumptive Republican Presidential candidate has been the focal point for the crypto industry. Despite his past skepticism, of late, Trump has avidly supported the digital assets sector. He has met with leading crypto executives and pledged to end regulatory crackdowns if re-elected. Trump’s campaign has even started accepting donations in digital currency, further solidifying his alignment with the crypto sector.