The crypto industry has collectively spent $119 million on political contributions this year.
Factors at play include regulatory battles, alongside nominee Donald Trump's pro-crypto pivot.
If someone expressed the opinion that this year’s US presidential race has produced some unprecedented events, a listener might wonder which particular moment they were referring to, since it has been such a volatile and contentious political period. But besides the incumbent Joe Biden stepping down to be replaced as Democrat nominee by Vice President Kamala Harris, and the staggering scenes when Republican nominee Donald Trump came close to being killed in an assassination attempt, another wild-card insertion into the chain of unfolding events is the extent to which crypto has featured in the run up to the election.
Rewind back to the 2020 contest, and crypto was a fringe presence on the political stage, but now four years later, Trump has made a series of very direct, crypto-related pledges, including plans to use bitcoin as a US strategic reserve asset. Independent candidate Robert F. Kennedy Jr. has also incorporated bitcoin into his policies, with a reserve asset plan similar to Trump’s, and what’s more, Kennedy has now formally endorsed Trump while stepping down as a candidate in several swing states in order not to impede Trump’s chances of victory.
And when it comes to political funding, this year also breaks new ground, as data curated by non-profit consumer advocates Public Citizen from non-profit research group Open Secrets demonstrates enormous levels of politically-directed crypto industry spending.
Who Has Been Spending, and How Much?
In 2024, companies within the crypto industry have collectively spent around $119 million on political contributions, with almost all of that spending going to crypto-focused super PACs, of which the Fairshake organization has been the primary funding recipient.
To put that level of spending in context, this has made the crypto industry as a whole this year’s biggest corporate political spender, accounting for a substantial 48% of corporate donations. What’s more, looking at the numbers since 2010, when super PACs first became legally viable (following on from the Citizens United ruling in the Supreme Court), the only sector to have outspent crypto is the fossil fuel industry, which has splashed out over $176 million across the whole of this fourteen year period.
Crypto’s biggest spenders this year are Coinbase and Ripple, both of which have spent around the $50 million mark, while Jump Crypto also stands out with a $15 million spend. As for the primary crypto funding recipient, Fairshake is a super PAC that does not lean towards either political party, and is dedicated to the sole purpose of supporting political candidates who will assist in making the US a more receptive environment for blockchain development.
And notably, when considering the results of these levels of spending the deep-pocketed approach appears to be immediately paying off, as in the 42 Primaries in which crypto super PACs have played a role, 36 were won by the industry’s preferred candidates.
Why Is This Amount Being Spent?
One possible reason that crypto industry political spending has ramped up so starkly, is that there’s an urgent sense of crypto platforms in the US having their backs to the wall. The broad and growing perception has been that the SEC is waging war on crypto firms–with the commission often accused of employing a rule by enforcement approach. As such, US-based crypto projects have, arguably, reached a point at which political manoeuvring seems like an existential necessity.
There is a widespread industry belief that an anti-crypto strategy from the US authorities dubbed Operation Choke Point 2.0 is unofficially occurring–which again necessitates political solutions–and in fact, Donald Trump has specifically stated that he will end this operation if elected.
And Trump's presence also leads to another relevant factor: the urge to take the political opportunity that is currently on the table. Trump is the first ever openly pro-crypto presidential candidate, and has given clearly defined crypto policy pledges. At the end of July he made a speaking appearance at Bitcoin Conference 2024 in Nashville, while the Trump family has been involved in and promoting a DeFi project called World Liberty.
What’s more, Donald Trump and Kamala Harris are roughly neck and neck in the polls, and so there is a clear possibility that Trump can pull off victory, especially with a financial shove in the right direction courtesy of the crypto world.
Overall then, we have a confluence of factors forming a novel situation for crypto. On the one hand, it’s becoming ever-clearer that bitcoin has been legitimized as the leader within a new asset class. This is evident in the launch this year of spot BTC ETFs (not forgetting that the US also now has spot ETH ETFs), with BlackRock CEO Larry Fink enthusiastically talking up crypto in various interviews. At the same time though, the SEC continues to go on the offensive against crypto; the latest chapter being a Wells Notice issued against NFT marketplace OpenSea. The contradictions between these two scenarios look unsustainable, but there’s also-in Donald Trump-a pro-crypto candidate running for president, and additionally, Trump has specifically stated that he intends if elected to replace SEC Chair Gary Gensler.
That all in mind, if ever there was a time that it appeared logical for the crypto industry to prioritize politics, then this year might be just such a moment.
If someone expressed the opinion that this year’s US presidential race has produced some unprecedented events, a listener might wonder which particular moment they were referring to, since it has been such a volatile and contentious political period. But besides the incumbent Joe Biden stepping down to be replaced as Democrat nominee by Vice President Kamala Harris, and the staggering scenes when Republican nominee Donald Trump came close to being killed in an assassination attempt, another wild-card insertion into the chain of unfolding events is the extent to which crypto has featured in the run up to the election.
Rewind back to the 2020 contest, and crypto was a fringe presence on the political stage, but now four years later, Trump has made a series of very direct, crypto-related pledges, including plans to use bitcoin as a US strategic reserve asset. Independent candidate Robert F. Kennedy Jr. has also incorporated bitcoin into his policies, with a reserve asset plan similar to Trump’s, and what’s more, Kennedy has now formally endorsed Trump while stepping down as a candidate in several swing states in order not to impede Trump’s chances of victory.
And when it comes to political funding, this year also breaks new ground, as data curated by non-profit consumer advocates Public Citizen from non-profit research group Open Secrets demonstrates enormous levels of politically-directed crypto industry spending.
Who Has Been Spending, and How Much?
In 2024, companies within the crypto industry have collectively spent around $119 million on political contributions, with almost all of that spending going to crypto-focused super PACs, of which the Fairshake organization has been the primary funding recipient.
To put that level of spending in context, this has made the crypto industry as a whole this year’s biggest corporate political spender, accounting for a substantial 48% of corporate donations. What’s more, looking at the numbers since 2010, when super PACs first became legally viable (following on from the Citizens United ruling in the Supreme Court), the only sector to have outspent crypto is the fossil fuel industry, which has splashed out over $176 million across the whole of this fourteen year period.
Crypto’s biggest spenders this year are Coinbase and Ripple, both of which have spent around the $50 million mark, while Jump Crypto also stands out with a $15 million spend. As for the primary crypto funding recipient, Fairshake is a super PAC that does not lean towards either political party, and is dedicated to the sole purpose of supporting political candidates who will assist in making the US a more receptive environment for blockchain development.
And notably, when considering the results of these levels of spending the deep-pocketed approach appears to be immediately paying off, as in the 42 Primaries in which crypto super PACs have played a role, 36 were won by the industry’s preferred candidates.
Why Is This Amount Being Spent?
One possible reason that crypto industry political spending has ramped up so starkly, is that there’s an urgent sense of crypto platforms in the US having their backs to the wall. The broad and growing perception has been that the SEC is waging war on crypto firms–with the commission often accused of employing a rule by enforcement approach. As such, US-based crypto projects have, arguably, reached a point at which political manoeuvring seems like an existential necessity.
There is a widespread industry belief that an anti-crypto strategy from the US authorities dubbed Operation Choke Point 2.0 is unofficially occurring–which again necessitates political solutions–and in fact, Donald Trump has specifically stated that he will end this operation if elected.
And Trump's presence also leads to another relevant factor: the urge to take the political opportunity that is currently on the table. Trump is the first ever openly pro-crypto presidential candidate, and has given clearly defined crypto policy pledges. At the end of July he made a speaking appearance at Bitcoin Conference 2024 in Nashville, while the Trump family has been involved in and promoting a DeFi project called World Liberty.
What’s more, Donald Trump and Kamala Harris are roughly neck and neck in the polls, and so there is a clear possibility that Trump can pull off victory, especially with a financial shove in the right direction courtesy of the crypto world.
Overall then, we have a confluence of factors forming a novel situation for crypto. On the one hand, it’s becoming ever-clearer that bitcoin has been legitimized as the leader within a new asset class. This is evident in the launch this year of spot BTC ETFs (not forgetting that the US also now has spot ETH ETFs), with BlackRock CEO Larry Fink enthusiastically talking up crypto in various interviews. At the same time though, the SEC continues to go on the offensive against crypto; the latest chapter being a Wells Notice issued against NFT marketplace OpenSea. The contradictions between these two scenarios look unsustainable, but there’s also-in Donald Trump-a pro-crypto candidate running for president, and additionally, Trump has specifically stated that he intends if elected to replace SEC Chair Gary Gensler.
That all in mind, if ever there was a time that it appeared logical for the crypto industry to prioritize politics, then this year might be just such a moment.
Sam White is a writer and journalist from the UK who covers cryptocurrencies and web3, with a particular interest in NFTs and the crossover between art and finance. His work, on a wide variety of topics, has appeared on platforms including The Spectator, Vice and Hacker Noon.
Banking Giant Bets Big on EU's First Regulated Crypto Futures Platform
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
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Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
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Dickie Currer, National Lead, Tech Australia Advocates
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
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Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
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Melody Gao, Senior Lawyer, Sophie Grace
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Christopher Balanzategui, CEO, N3tworx
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