The total amount of cryptocurrency donations for the 2024 U.S. election has reached $94 million, which is positive for the future of the Web3 industry?

As the 2024 U.S. presidential election approaches, the campaign activities of major political parties are gradually entering a heated phase. Recent data shows that the cryptocurrency industry has contributed $94 million to this election cycle, setting a new historical high, significantly increasing from $83 million during the 2020 election cycle. These donations mainly come from Political Action Committees (PACs), with Coinbase and Ripple Labs making particularly notable contributions of $20.5 million and $20 million, respectively. Coinbase CEO Brian Armstrong also personally donated $1 million.
In this context, incumbent President Biden announced on July 22, 2024, that he would withdraw from the presidential race, a news that undoubtedly has a significant impact on the campaign landscape. Biden plans to give a speech later this week to provide further clarification.

Next, we will delve into the details of the cryptocurrency industry's donations in this election and the motivations behind them.

The Share of Crypto Industry Donations in Campaign Contributions is Gradually Increasing, Favoring Industry Compliance?

In the 2024 U.S. presidential election, the total donations from the cryptocurrency industry have reached a new high of $94 million, reflecting not only the increasing influence of cryptocurrencies on the political stage but also the industry's profound concern for future policy directions. These donations mainly come from various Political Action Committees (PACs), with Coinbase and Ripple Labs standing out. Coinbase donated $20.5 million, followed closely by Ripple Labs with $20 million. Notably, Coinbase CEO Brian Armstrong also contributed $1 million.
Why is the cryptocurrency industry so generous in this election? The motivations can be summarized in several aspects. First, the cryptocurrency industry is highly dependent on the policy environment. Whether it is the tightening or loosening of market regulations or the recognition of the legality of cryptocurrencies, the government's stance will directly affect the industry's development. Therefore, through political donations, crypto companies hope to influence policy-making and strive for a more favorable development environment.
Second, there are significant differences in the candidates' positions on cryptocurrency policy in the 2024 election. Former President Donald Trump has repeatedly expressed support for cryptocurrencies during his campaign and has opened the door to accepting cryptocurrency donations, attracting substantial support from the crypto industry. Many leaders and celebrities in the crypto industry, such as the Winklevoss twins, Kraken co-founder Jesse Powell, and Sequoia Capital partner Douglas Leone, have donated to Trump to varying degrees, showing their recognition and expectations of his policies. In contrast, the Biden administration has taken a tougher stance on cryptocurrency regulation, causing concern within the crypto industry. Therefore, under the differing attitudes of the two-party candidates towards cryptocurrency policy, the direction and intensity of industry donations become particularly important.
In addition to policy influence, the cryptocurrency industry's donations also reflect its desire to showcase its strength and influence by supporting specific candidates. As an emerging industry, the cryptocurrency sector needs to enhance its voice in mainstream society and the political arena through various means. By donating, it can not only directly support candidates favorable to its development but also demonstrate the economic strength and importance of the crypto industry to society.
In summary, the cryptocurrency industry's donations in the 2024 U.S. presidential election are not only unprecedented in scale but also reflect the industry's deep concern for the future policy environment and its willingness to actively influence it. We will continue to monitor the donation dynamics of major crypto companies and the potential policy changes these donations may bring.

a16z Bets on Trump; Will He Greenlight Crypto After Winning?

In the cryptocurrency space, a16z (Andreessen Horowitz) is undoubtedly a prominent name. This well-known venture capital firm has played an important role in the 2024 U.S. presidential election, reflecting its far-reaching influence in both political and technological fields. a16z co-founders Marc Andreessen and Ben Horowitz have actively invested in cryptocurrencies and related technologies in recent years and have committed substantial resources to this election.

Marc Andreessen and Ben Horowitz have long been staunch supporters of cryptocurrencies and blockchain technology. They have not only invested heavily in numerous crypto startups through a16z but have also expressed strong confidence in this emerging technology in various public forums. Facing the 2024 election, they decided to translate this support into concrete political action by donating to influence the policy environment, ensuring that the cryptocurrency industry can secure better development space in the future.
Reports indicate that a16z has donated millions of dollars to support candidates friendly to cryptocurrencies. These donations are not only aimed at securing a favorable policy environment but also ensuring that the cryptocurrency industry can continue to innovate and develop in the future. Among these donations, a16z particularly focuses on candidates who hold an open attitude towards technology policy, hoping to promote more proactive policy reforms through their election.
Additionally, a16z has actively participated in the activities of several Political Action Committees (PACs), further expanding its influence through these organizations. For example, a16z donated to the conservative super PAC Sentinel Action Fund to support four Republican candidates. These candidates include Sam Brown from Nevada, David McCormick from Pennsylvania, Bernie Moreno from Ohio, and Tim Sheehy from Montana. They have all been rated as "A" candidates by the cryptocurrency advocacy organization "Stand With Crypto," led by Coinbase, indicating their friendly stance on cryptocurrency policy.
a16z's investment initiatives are not just economic support but also a strategic layout. By supporting candidates friendly to cryptocurrencies, a16z hopes to occupy a favorable position in future policy-making, striving for more development opportunities for the cryptocurrency industry. These initiatives reflect a16z's long-term optimism and deep understanding of the cryptocurrency industry, showcasing its dual influence in both political and technological fields.

Multicoin Capital Actively Supports Crypto-Friendly Republicans, with More Targeted Focus

In addition to a16z, Multicoin Capital is another cryptocurrency investment firm playing an important role in the 2024 U.S. presidential election. Multicoin Capital is committed to supporting candidates who hold an open attitude towards cryptocurrency policy through its strategic donations, ensuring that the cryptocurrency industry can secure a better policy environment for future development.
On July 5, Multicoin Capital pledged to provide up to $1 million in funding to support pro-crypto Senate candidates. This funding plan supports four Republican candidates, including Sam Brown from Nevada, David McCormick from Pennsylvania, Bernie Moreno from Ohio, and Tim Sheehy from Montana, through donations to the conservative super PAC Sentinel Action Fund. These candidates have all been rated as "A" candidates by the cryptocurrency advocacy organization "Stand With Crypto," indicating their friendly stance on cryptocurrency policy.
Kyle Samani, co-founder of Multicoin Capital, stated, "We are doing this because we recognize the importance of political participation and must support candidates who believe that America needs to maintain the freedom to innovate." This statement highlights the strategic considerations behind Multicoin Capital's donations, which aim to promote the healthy development of the cryptocurrency industry by supporting policy-friendly candidates.
Multicoin Capital has previously supported several bipartisan pro-crypto candidates, so this donation to the Sentinel Action Fund, while supporting conservatives, does not indicate a shift in its support strategy. According to informed sources, Multicoin Capital chose the Sentinel Action Fund because the specific candidates it supports align with the company's cryptocurrency interests. These Republican candidates are all supporters of cryptocurrency policy, and their election will help improve the regulatory environment for the cryptocurrency industry.
Multicoin Capital has also pledged to collaborate with Gemini to match all cryptocurrency donations received by the Sentinel Action Fund within a specific timeframe. This initiative further demonstrates Multicoin Capital's firm support for the development of the cryptocurrency industry and contributes to enhancing the industry's influence in the political arena.

Through these strategic donations, Multicoin Capital hopes to exert greater influence in the policy-making process, striving for more development opportunities for the cryptocurrency industry. These donations are not merely economic support but also a commitment and confidence in the future development of the cryptocurrency industry.
During the 2022 midterm elections, FTX founder Sam Bankman-Fried (SBF) became a core force influencing the U.S. political landscape with tens of millions of dollars in political donations. Although SBF is now imprisoned for serious crimes, in the 2024 U.S. presidential election, cryptocurrency companies like Coinbase and Ripple, along with crypto-friendly venture capital firms like a16z, have taken up his mantle, using "financial power" to advocate for more voice for the cryptocurrency industry.
In the 2024 election, companies like Ripple, a16z, and Coinbase continue to inject funds into the crypto PAC Fairshake, making it an important political influence tool for the cryptocurrency industry. According to a report released by the consumer advocacy organization Public Citizen on May 6, Fairshake and its two affiliated PACs (Defend American Jobs and Protect Progress) have raised over $102 million for the 2024 election, ranking third among all PACs.

The 2024 Election Will Be Unique Due to Deep Participation from Web3, Potentially Opening a New Campaign Paradigm

In this election, cryptocurrency companies have demonstrated strong donation capabilities. Ripple contributed approximately $50 million, a16z announced a $25 million donation to Fairshake, bringing its total donations to $47 million, while Coinbase donated $23.5 million. Other donors include Jump Crypto ($5 million), Circle, and Kraken (each $1 million). These donations not only showcase the cryptocurrency industry's strength in political contributions but also reflect their urgent need to change the current regulatory environment.
Moreover, prominent figures in the cryptocurrency industry are also actively participating in donations. Cameron and Tyler Winklevoss, billionaire executives of Winklevoss Capital Management, donated a total of $5 million. Phil Potter, an executive at Tether and Bitfinex, donated nearly $2 million, and Coinbase CEO Brian Armstrong personally donated $1 million. Electric Capital executives Avichal Garg, Multicoin Capital's Tushar Jain and Kyle Samani, and Paradigm's Matt Huang also donated varying amounts in the hundreds of thousands.
In summary, cryptocurrencies have played an unprecedentedly important role in the 2024 U.S. presidential election. With the growth of crypto super PACs and the efforts of crypto companies to change the unfavorable regulatory environment, the influence of cryptocurrencies on the U.S. election is expected to continue to expand. Through increasing political donations and growing political participation, the cryptocurrency industry is gradually becoming an important force in the U.S. political landscape.