Crypto Donations Swung 2024 US Elections: Former Kraken Executive

Former Kraken Chief Legal Officer Marco Santori has attributed the Republican Party’s sweeping victory in the 2024 US elections to the growing influence of crypto voters. In a recent interview, Santori argued that the industry’s major political donations played a decisive role in tilting the election in Donald Trump’s favor.

The crypto sector emerged as a major political force, with digital asset firms responsible for nearly half of all corporate campaign donations during the 2024 election cycle. According to data from Public Citizen, crypto firms contributed over $119 million to support pro-crypto candidates and policies.

These donations were instrumental in the GOP’s victory, helping the party secure both chambers of Congress and the presidency. Crypto-backed political action committees (PACs), such as Fairshake, also played a key role. In one instance, Fairshake spent $760,000 on last-minute ads supporting Rep. Bryan Steil, boosting his re-election bid.

Lobbying Power Shifts the Political Landscape

According to former White House Chief of Staff Mick Mulvaney, the crypto sector’s growing political clout was not accidental. During the 2024 election cycle, the industry built a professional lobbying machine—a stark contrast to its relatively minimal presence in 2016 and 2020.

Santori dismissed claims that crypto political donations represented conflicts of interest, defending them as part of the democratic process.

His remarks echoed earlier predictions by Dr. Tonya M. Evans, a law professor at Pennsylvania State University, who had forecasted that crypto voters would be the deciding factor in the 2024 elections due to razor-thin margins.

Growing Influence of Crypto on US Politics

The unprecedented scale of crypto industry donations marks a turning point for US politics. With sophisticated lobbying operations and millions in campaign contributions, the industry has positioned itself as a powerful political force capable of shaping legislation and regulatory outcomes.

As crypto firms continue to navigate regulatory challenges, their influence in Washington appears set to grow, ensuring that digital assets remain a key issue in future elections.