Crypto mining executives and major figures in the digital asset space are actively supporting candidates in the 2024 US election. Coinbase CEO Brian Armstrong recently voiced his support for Republican Senate candidates who favor pro-crypto policies. Ripple co-founder Chris Larsen also made an impressive $10 million XRP donation to support Vice President Kamala Harris through the Future Forward USA PAC.
Crypto Mining Executives Launch Ad Campaign for Ted Cruz
A political action committee (PAC) that is backed by executives from the crypto mining industry launched advertising campaigns in support of Republican candidates as early voting kicked off in the United States for the upcoming November election. The Bitcoin Voter PAC is an advocacy group that was established in June. One of its main goals is to influence key elections and mobilize potential voters.
On Oct. 21 the PAC announced on X that it released an ad supporting Texas Senator Ted Cruz. The ad was aired as early voting already started in Texas. The ad placed a lot of emphasis on Cruz's recognition of Bitcoin's potential without directly addressing the policies of his Democratic challenger, Colin Allred.
The Bitcoin Voter PAC's board includes executives from well known crypto mining companies like Marathon Digital Holdings, CleanSpark, and Riot Platforms. Despite being very active in the current election cycle, Federal Election Commission records since Sept. 30 indicate that the PAC did not report any contributions or expenditures related to the 2024 election.
With early voting already underway in Texas, its residents are now choosing between Cruz, who has held his Senate seat since 2013, and Allred, a member of the US House of Representatives representing Texas’ 32nd Congressional District since 2019. In addition to supporting Cruz, the PAC also funded an advertisement for Republican presidential candidate Donald Trump in Pennsylvania. Recent polls from October showed that Cruz held a slight lead over Allred in a state that has had two Republican senators since 1993.
Texas senate polls
The Texas Blockchain Council (TBC), which is also a key advocate for the state's crypto and blockchain industry, endorsed Cruz for re-election in August due to his understanding of Bitcoin's role in promoting freedom and crypto mining's potential for stabilizing the electrical grid. At the Permissionless conference on Oct. 10, TBC President Lee Bratcher specifically pointed out the organization's ongoing work with both Republican and Democratic lawmakers in Texas, including State Senator Nathan Johnson and Representative John Bucy.
Bratcher acknowledged that while Allred has shown a favorable stance toward crypto, Cruz's "unapologetic" advocacy for digital asset policies was a key factor that secured the group's endorsement. He added that the TBC did not issue many other endorsements in the election cycle, as very few races featured crypto-related issues as major factors.
Texas has become a hub for the crypto mining industry, and hosts companies like Riot Platforms and Core Scientific. The state has also emerged as a battleground for legal disputes involving crypto firms. Some companies even seek out Texas courts for more favorable rulings in cases against federal regulators like the US Securities and Exchange Commission (SEC).
Brian Armstrong Backs Pro-Crypto Senate Candidates
Coinbase co-founder and CEO Brian Armstrong also recently voiced his support for several Republican candidates running for the US Senate in the November elections. On Oct. 20, Armstrong took to X to endorse pro-crypto Senate hopefuls, including lawyer John Deaton and former Bridgewater Associates CEO David McCormick. Both candidates are campaigning under the Republican banner. Deaton is seeking a Senate seat in Massachusetts and McCormick is running in Pennsylvania. Armstrong referred to their more favorable stances on crypto as the main reasons for his endorsements.
In a repost of an X poll, Coinbase stated that McCormick was the "better candidate on crypto" for Pennsylvania voters. In a separate post on the same day, Armstrong also endorsed Deaton, who is challenging Democratic Senator Elizabeth Warren in Massachusetts.
The Coinbase CEO criticized Warren for her anti-crypto stance, and even accused her of influencing the appointment of Gary Gensler as chair of the SEC and supporting efforts to stifle the crypto industry in the United States. Armstrong believes that Warren’s policies were "anti-freedom" and suggested that her views aligned with more government control over financial services.
Despite backing Republican Senate candidates, Armstrong did not endorse any specific presidential candidate. What the crypto community does know is that he is optimistic about the future of crypto regulation. He stated in August that he expected the next US administration to be constructive on crypto matters, regardless of the winning party.
Armstrong’s endorsements are a big shift for Coinbase, as it was previously known for its apolitical stance, but the company has since entered the political arena. In May, its advocacy initiative, Stand With Crypto, announced plans to endorse political candidates who support "common-sense crypto policy" in the Senate and House of Representatives.
Chris Larsen Backs Harris with $10M Crypto Donation
The co-founder and executive chair of Ripple, Chris Larsen, decided to make a large contribution to the 2024 US presidential election by donating $10 million in XRP to Future Forward USA, which is a super PAC that supports Democratic Vice President Kamala Harris. Larsen confirmed the donation in an Oct. 21 X post after a previous $1 million contribution in August. Larsen’s donation is one of the first major crypto donations in support of Harris’ candidacy.
Future Forward USA raised more than $200 million to back Harris as she faces off against Republican candidate Donald Trump. While Trump previously referred to Bitcoin as a "scam," he changed his stance and has openly shared his support for crypto miners, the opposition to central bank digital currencies, and he also plans to remove Securities and Exchange Commission Chair Gary Gensler if he gets reelected.
In response to Larsen's donation, Ripple CEO Brad Garlinghouse talked about the company's commitment when it comes to engaging with both Democrats and Republicans who support pro-crypto policies in Congress. Despite this bipartisan stance, Larsen’s endorsement of Harris attracted a lot of criticism on X. Many consider the donation to be a very partisan move in the digital asset space.
Throughout the 2024 election season, crypto-backed PACs and pro-crypto advocates have donated hundreds of millions of dollars to various candidates running for seats in the US House of Representatives, Senate, and the presidency. While Larsen also supported Republican Senate candidate John Deaton in the past, his recent focus has been more on Harris after President Joe Biden's decision to exit the 2024 race.
Crypto-focused super PACs, like Fairshake and its affiliates, Protect Progress and Defend American Jobs, have supported candidates from both major political parties through media campaigns leading up to the general election on Nov. 5. So far, polls show the presidential race between Harris and Trump is quite close.
