The Winklevoss twins led the $190 million spent on crypto in the 2024 election.

• This election cycle, candidates and PACs have received more than $190 million from crypto individuals and corporations.
• The amount of cryptocurrency spent on the 2024 election has increased from $15 million in 2020.
• The industry is seeking to elect pro-crypto politicians and is against the SEC's crackdown on the industry, which was initiated by Chairman Gary Gensler, who was appointed by President Biden.

According to CNBC, James Delmore, a crypto market and blockchain analyst, has independently verified that Cameron and Tyler Winklevoss are the biggest individual crypto donors this election cycle, having given a combined $10.1 million, or slightly over $5 million each.

Political donations from the crypto industry have reached approximately $190 million with 50 days remaining until the November general election, as some of the largest names in the sector contribute to elect candidates who support their interests.

The Winklevoss twins donated a combined total of $1.7 million to the Trump 47 Committee, the pro-Trump Make America Great Again PAC, and the pro-Trump America PAC, as well as $4.9 million to the bipartisan pro-crypto Fairshake PAC.

This election cycle, Ripple Labs' top executives have given more than $3 million in donations to candidate committees and super PACs. Chris Larsen, co-founder of the blockchain giant, donated nearly $2.4 million, mostly to support Democratic candidates. Ripple CEO Brad Garlinghouse donated more than $384,000 to multiple PACs and candidates, including Rep. Ro Khanna (D-Calif.) and John Deaton, a Republican running against Democratic Sen. Elizabeth Warren in Massachusetts. Additionally, Ripple's chief legal officer, Stuart Alderoty, gave $300,000 to the Trump 47 Committee.

In June, at a fundraiser for Trump, Alderoty disclosed that Ripple had spent more than $100 million on litigation to defend against civil charges brought by the SEC. The gathering took place at the San Francisco mansion of venture capitalist David Sacks.

The Winklevoss twins, Coinbase, and Ripple did not immediately respond to requests for comment.

After the San Francisco fundraiser, Trump pledged to dismiss SEC Chair Gary Gensler if he won the election, despite the fact that U.S. presidents lack the power to remove members of independent agencies without cause. Although the new president could remove Gensler from his position as chairman, he would continue to serve as a commissioner until the conclusion of his term.

The SEC, under Gensler's leadership, has taken on significant players in the cryptocurrency industry, including centralized exchanges such as Kraken and Coinbase.

This cycle, executives from both companies have been spending large sums of money. CEO Brian Armstrong has donated over $1.3 million to various PACs, including Fairshake and JD Vance for Senate Inc., as well as directly to Democrats and Republicans running for both House and Senate seats. Additionally, Chief Legal Officer Paul Grewal has attended at least two Trump fundraisers, including one in Nashville during the biggest bitcoin event of the year.

Jesse Powell, co-founder and Chairman of Kraken, has given approximately $1 million to the Trump campaign.

The total amount of money raised by individual crypto contributors is over $6.5 million.

No known cryptocurrency donations have been made to the Future Forward PAC, which is raising funds for Vice President Kamala Harris, despite the PAC beginning to accept crypto donations this month through a partnership with Coinbase Commerce. The donation page on the website still does not offer a crypto option.

Two representatives from Future Forward listed on the PAC's FEC filing were contacted by CNBC to inquire about the total amount of crypto donations received and when the organization plans to introduce a crypto payment option on its website. However, they did not respond promptly.

Since President Biden dropped out of the race, Harris' fundraising operation has gained momentum, with her campaign raising $47 million in the first 24 hours after her first and possibly final debate against Trump on Tuesday.

Huge jump from 2020

Delmore, who has been tracking crypto donations in the 2024 election for Breadcrumbs' blockchain analytics platform, stated to CNBC that industry spending has more than doubled since the mid-terms, reaching over $190 million in the 2024 election compared to $98 million in the 2022 election. This represents a nearly 13-fold increase from the $15 million spent in 2020, based on data from FEC and OpenSecrets filings.

Unlike the previous two election cycles, which saw funding from the bankrupt crypto exchange FTX and its founder Sam Bankman-Fried, this year's contributor list is more comprehensive and varied. In March, Bankman-Fried was sentenced to 25 years in prison for embezzling $8 billion in customer funds through FTX.

According to Delmore, in 2022, the majority of crypto donations went to Democrats or PACs that support Democrats, with FTX and SBF being the primary contributors.

Delmore stated that the spending is more evenly distributed between the two parties, but "more funds have definitely been allocated to Republican candidates and PACs that backed Republicans and opposed Democrats."

Nearly half of the corporate money in this year's election has been contributed by the crypto industry, with Coinbase and Ripple being the top contributors.

Corporate and individual crypto spenders share a significant amount of overlap.

This year, one of the top-spending PACs, Fairshake, received the majority of its funds from four sources: Coinbase, Ripple, Jump Crypto, and venture firm Andreessen Horowitz.

Delmore's research reveals that billions of dollars are being played in the crypto market, including more than $20 million in NFT sales generated by Trump, $190 million in political donations from or in support of crypto, and $1.1 billion on betting on the platform Polymarket.

The total amount of bets placed on the election winner and popular vote winner is $1.128 billion.

Electing pro-crypto candidates ultimately comes down to turning out the vote.

Coinbase's Stand With Crypto Alliance is currently on a cross-country bus tour through key states to encourage voter registration. The campaign concludes with an event in DC on Wednesday, featuring speeches from Coinbase's top executives and a live performance by The Chainsmokers.

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