250 Million Reasons Why This Election Matters (And One Reason Why Its Results Won’t)
The 2024 U.S. election is the first where crypto’s influence is undeniable, with over $250 million from industry giants and PACs backing candidates who support blockchain. Both Democrats and Republicans are now paying attention, as crypto is no longer a side note but a driving force in political platforms. With crypto legislation already passing in some states, this election signals that blockchain’s role in shaping the government isn’t just possible—it’s happening.
“I will not exit into your world. You will exit into my world,” my friend Ed predicted back in 2022. An audacious comment delivered with a steady confidence that reassured the audience and calmed many a nervous laugh.
These were the words of Grid Singularity CEO and Scytale Digital Advisor Ewald “Ed” Hesse, as he sat centerstage with Gavin Wood, co-founder of Etheruem and founder of Polkadot, and me in Switzerland at the first Decentralized Lugano conference in 2022. His words were the response to being asked by a “tradfi” advisor when he would exit his crypto positions and blockchain tech in general and return to the real world.
Blockchain developers, investors and enthusiasts are notorious for saying crypto is about to go mainstream. Well, the 2024 U.S. election is very seriously pushing that narrative forward and making Ed’s words more prescient than ever.
It’s no longer just developers and innovators worrying about regulations coming from politicians—it’s about crypto shaping politics -- and even who will occupy the various branches of government itself. Both parties are paying attention now, and we’re seeing blockchain influencers and PACs playing a huge role in the leadup to the election with a strong desire to influence the outcomes.
Crypto’s Not Just a Side Hustle in This Election
This is the first election cycle that we’re seeing serious crypto cash enter the political landscape. Big players like Coinbase, Ripple, and Andreessen Horowitz have staked hundreds of millions into Super PACs backing pro-crypto candidates. These aren’t just isolated pockets either—it’s a coordinated push to get the discussion front and center.
Three affiliated PACs have raised and are on track to spend unprecedented amounts. Protect Progress, Fairshake, and Defend American Jobs are making moves to ensure the future is crypto-friendly. As of September, a reported $254M total in political contributions were spent.
No Matter the Candidate—We're Prepared
We’re in a fascinating spot. Many believe the idea that a Republican sweep with softened regulations would give the industry a short-term boost, but both Republicans and Democrats are coming around to blockchain tech and crypto use cases. Kamala Harris’ camp has already hinted at supporting emerging tech while Trump’s team is leaning hard into pro-crypto policies – think Bitcoin reserves. The real play is that we’re no longer locked into partisan labels. Crypto’s gone nonpartisan and that is a great thing for everyone.
Politicians can’t afford to ignore it now, and that’s showing up in their platforms. Even the skeptics are learning fast—regulate, certainly—as they know blockchain isn’t going away.
The New Rules of Influence: We’re Playing the Game
Look at the super PACs: Fairshake has $204M behind it, and all that capital is going into candidates (on both sides of the aisle) who are set to push for pro-innovation and pro-crypto legislation. It’s not just about waiting to see who wins—it’s about making them win.
Voters care more about digital assets than ever before—21% of swing state voters view crypto policies as critical issues influencing their voting. Politicians are taking notice and literally passing crypto-friendly bills leading right up to the election. Just last week, the Pennsylvania House of Representatives passed the bipartisan “Bitcoin Rights” bill which addresses citizens' right to self-custody, the ability to use Bitcoin as a payment method and various guidelines for tax issues. It was passed overwhelmingly - 176 in favor and 26 against. All 100 Republican members voted in favor. Now the bill will move to the Republican-led Senate after the general election where it surely seems headed for passing.
Meanwhile, young voters—Gen Z and Millennials—are pro-crypto by default. According to the Stand With Crypto Alliance, over half of them would back a candidate with a pro-crypto stance. That’s a lot of influence to shape the next four years.
For the blockchain and crypto community, this election will be transformational regarding the discussion of digital assets in the United States once and for all. It will be critical for thoughtful, proper regulations to be crafted by the SEC and an overall innovative leadership from U.S. businesses and politicians for the rest of the world to look to. Regardless of the outcome, the time is now for the U.S. to take its place among the leaders of this breakthrough technology that is being unleashed around the world and has the potential to impact virtually every sector of society.