Crypto Industry’s Significant Spending During 2024 Election and Its Potential Impact on Washington
The use of cryptocurrency in the 2024 election played a significant role in shaping the political landscape for years to come. With the value of cryptocurrencies like Bitcoin and XRP on the rise, companies like Ripple are taking notice and getting involved. Ripple’s CEO, Brad Garlinghouse, revealed that his company has already contributed $25 million towards a super PAC in preparation for the 2026 midterm elections.
During the 2024 election, crypto companies accounted for a third of all direct corporate contributions to super PACs. Interestingly, 85% of the candidates supported by the crypto industry emerged victorious, reflecting a major win for this emerging sector. This surge in involvement stems from what Garlinghouse describes as a response to a perceived “war on crypto.”
The Security and Exchange Commission (SEC), under the leadership of Gary Gensler, has been particularly aggressive in its oversight of the crypto industry. Gensler’s crackdown on crypto companies led to the formation of Fairshake, an industry super PAC aimed at defending the interests of the sector. Ripple, which found itself at odds with the SEC over the sale of XRP, has spent over $150 million fighting legal battles to establish the legitimacy of its digital currency.
Despite the SEC’s concerns about cryptocurrency, many within the industry believe that these digital assets have the potential to revolutionize financial transactions. Ripple, for example, has been working on innovative ways to facilitate faster and cheaper cross-border payments using XRP. The company envisions a future where cryptocurrencies play a central role in the global economy, offering a viable alternative to traditional financial systems.
In the political realm, the impact of cryptocurrency was felt strongly during the 2024 election. Ripple alone contributed $48 million to support pro-crypto candidates from both parties. In a closely contested Senate race in Ohio, Republican Bernie Moreno received substantial backing from a crypto-funded super PAC, ultimately securing victory over Democratic incumbent Sen. Sherrod Brown.
Looking ahead, the influence of cryptocurrency in Washington is expected to grow as more companies and individuals from the sector become involved in political affairs. By leveraging their financial resources and grassroots support, crypto advocates hope to shape policies that foster innovation and growth within the industry. Despite regulatory challenges and skepticism from some quarters, the momentum behind cryptocurrency shows no signs of slowing down.
