2024 U.S. Election & Crypto: With billions of dollars on the line, cryptocurrency has emerged as a powerful force in the 2024 U.S. election. Industry players like Donald Trump and Kamala Harris are tapping into crypto’s vast resources and community support, each candidate offering different visions for the future of digital assets in America. Below is an analysis that explores the positions of the candidates, major donations, and the opinions of prominent figures in the industry.
Overview of Crypto’s Influence
Cryptocurrency companies and advocates have made an unprecedented push into the 2024 election, outspending every other sector, including traditional giants like oil and pharmaceuticals. By August 2024, the crypto industry had donated well over $200 million, with the pro-crypto PAC Fairshake leading the charge across both parties.
This massive spending underscores the industry’s desire for favorable regulatory changes. Ripple CEO Brad Garlinghouse captured the sentiment of many in the industry, stating, “This is the most important election we’ve had, but I also believe no matter what happens, we’re going to have a more pro-crypto, more pro-innovation Congress than we’ve ever had”. he said in a Wednesday conversation with CNBC at DC Fintech Week.
Candidate Stances on Crypto
Donald Trump: The Crypto President
Donald Trump has positioned himself as the clear pro-crypto candidate, with his campaign accepting over $8 million in crypto donations. Trump has promised to “make America the crypto capital of the planet,” pledging a pro-business, pro-crypto agenda if re-elected. He also introduced his own crypto DeFi project, World Liberty Financial, raising $12.7 million for its token launch, $WLFI, though short of its $300 million target. Additionally, Trump has vowed to remove SEC Chair Gary Gensler, stating, “The world is looking for a clear framework for digital assets, and I’m ready to provide that as your President.”
Garry Gensler | Getty Images
Trump is the first presidential candidate from a major political party to make Bitcoin and cryptocurrency a campaign issue, and the first American president to speak at a Bitcoin event, addressing an enthusiastic standing-room-only crowd at the Bitcoin 2024 conference at the Music City Center in Nashville, two weeks after surviving an assassination attempt.
“If crypto is going to define the future, I want it to be mined, minted, and made in the USA,” Trump said. “If Bitcoin is going to the moon, as they say, ‘it’s going to the moon,’ I want America to be the nation that leads the way.”
Source | Bloomberg TV Youtube
The Winklevoss twins, prominent crypto billionaires and founders of the Gemini exchange, have echoed this sentiment by donating over $10 million to crypto causes in this election cycle.
They gave around $1.7 million combined in bitcoin to the Trump 47 Committee, which raises money for Trump’s campaign, over $700,000 combined to the pro-Trump Make America Great Again PAC, $250,000 each to the pro-Trump America PAC, citing the Biden administration’s stance as a “war against crypto”, and $4.9 million to the bipartisan pro-crypto Fairshake PAC.
Source | @Cameron Winklevoss on X
Kamala Harris: A Cautious but Potentially Transformative Supporter
Kamala Harris, while not as vocal as Trump, presents a more nuanced approach. Harris has strong ties to Silicon Valley and may be positioned to view crypto favorably as a component of technological innovation. However, her regulatory stance remains unclear. $XRP Ripple’s co-founder Chris Larsen has expressed confidence in Harris’s potential to take a balanced approach, saying, “Kamala Harris is a sensible choice for the future of crypto; I believe she’ll bring a balanced approach to the industry”.
Source | Coin68
In backing Harris, Larsen donated $10 million in $XRP to her campaign, signaling optimism in her capability to foster a progressive regulatory framework.
Brad Garlinghouse, CEO of Ripple also recognized Harris’s connection to technology, stating, “Kamala Harris is from Silicon Valley, she has generally been pro technology over the years… no matter what happens, we’re going to see a reset”.
Source | goonus.io
Major Donations and Key Players
The financial muscle of the crypto industry has redefined political funding in 2024:
- Fairshake PAC: Fairshake has raised a record-breaking $204 million, supporting a bipartisan range of candidates while focusing heavily on Republicans. Fairshake also ran targeted ads against specific Democrats known for opposing crypto-friendly policies, including Senator Sherrod Brown.
- High-Profile Donors: Influential figures like Michael Saylor, the CEO of MicroStrategy, and Tim Draper, a venture capitalist, have both made significant donations to pro-crypto candidates. Saylor characterized Trump’s approach as “very pro-crypto” compared to what he sees as a more cautious stance among Democrats.
- Ripple’s Financial Backing: Ripple Labs, the company closely associated with the XRP cryptocurrency, has contributed over $45 million through Fairshake, with additional contributions from co-founder Chris Larsen, who donated $10 million in XRP to Kamala Harris’s campaign.
Brad Garlinghouse’s View on the Industry’s Future
Ripple CEO Brad Garlinghouse remains highly optimistic about the U.S. adopting a more favorable stance on crypto following the election. He shared this hopeful view, saying, “No matter what happens, we’re going to have a more pro-crypto, more pro-innovation Congress than we’ve ever had”.
Garlinghouse has advised fintech startups to “incorporate outside the United States” if they face regulatory challenges but maintains that the U.S. will ultimately “end up in a better place” with regard to digital assets.
Analysis: Implications for the Crypto Industry and Investors
Source | BBC
Impact on Short-Term Markets:
- Pro-Trump Surge: A Trump victory could spark an immediate positive response in the cryptocurrency market, with analysts predicting new all-time highs for Bitcoin, driven by Trump’s pro-crypto agenda and deregulation promises.
- Harris’s Balanced Approach: Harris’s potential victory could mean continuity with the current administration’s regulatory stance, but her Silicon Valley ties hint at a balanced approach that might evolve as crypto gains broader acceptance. Garlinghouse reflected this view by saying, “We’re going to see a reset,” with Harris possibly refining Biden-era policies to accommodate innovation.
Long-Term Impact on Regulation:
- Bipartisan Support in Congress: The bipartisan shift toward pro-crypto policies within Congress is poised to provide the industry with the regulatory clarity it seeks. Former White House Chief of Staff Mick Mulvaney highlighted this unique bipartisan appeal, stating, “Crypto doesn’t fit neatly into the old Republican, Democrat sort of silos. It crosses the aisle,” which may provide regulatory benefits regardless of the election outcome.
- Institutional Trust and Market Growth: With a clear regulatory framework, the U.S. could become a global crypto hub, attracting further investments and creating significant job opportunities within blockchain and financial technology.
Comparing Crypto’s Influence to Other Industries
The crypto industry’s election spending has outpaced traditional high-spending sectors like oil and pharmaceuticals. Through its substantial financial contributions, crypto leaders are positioning themselves as a force capable of shaping U.S. policy. By backing candidates across the aisle, the industry aims to build a political base that will support future growth and regulatory clarity.
As Garlinghouse summed up, “Anybody who doesn’t believe that no matter what, we’re going to end up in a better place, is not paying attention”.
Conclusion: What Lies Ahead?
The 2024 U.S. election represents a defining moment for the future of cryptocurrency in America. With high-profile endorsements and record donations, both Trump and Harris have the industry’s attention and support. Ripple’s Garlinghouse expressed hope that, regardless of the outcome, the election will pave the way for “a more pro-crypto, more pro-innovation Congress than we’ve ever had”.
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For the crypto community, the election’s outcome could mean the difference between continued regulatory struggles and a new era of growth and acceptance, establishing crypto’s place as a legitimate and influential industry in American finance and technology.