Crypto campaign donations are democracy at work — former Kraken exec
Marco Santori, the former chief legal officer of Kraken, recently weighed in on the significant impact of political donations from the cryptocurrency sector during the 2024 election cycle, heralding it as “democracy at work.” In an exclusive discussion with Cointelegraph’s Turner Wright, Santori contended that the financial contributions from crypto firms played a crucial role in tipping the electoral scales in favor of Donald Trump and the Republican Party.
Santori dismissed the notion that these campaign donations pose conflicts of interest, framing them instead as a form of advocacy: “Detractors only call it a conflict of interest when it is a cause they do not believe in; otherwise, it’s just democracy at work,” he stated. He added that these actions are representative of citizens, like himself, championing their interests in the political arena. According to him, cryptocurrency represented a significant voting bloc — potentially accounting for 4-5% of the electoral outcome across diverse demographics.
In September 2024, Dr. Tonya M. Evans, a law professor at Pennsylvania State University, echoed this sentiment, asserting that the razor-thin margins in the upcoming elections would allow crypto voters to swing the results in critical battleground states.
### Substantial Spending by the Crypto Industry
The crypto sector made its presence felt in the 2024 electoral landscape by contributing nearly half of all corporate political campaign donations. Public Citizen, a nonprofit organization, reported that digital asset firms funneled more than $119 million into supporting pro-crypto candidates and policies throughout the election cycle. This spending included substantial contributions to both Presidential and Congressional campaigns, such as the $760,000 invested by the Fairshake political action committee in a last-minute ad campaign supporting Rep. Bryan Steil’s re-election.
Former White House chief of staff Mick Mulvaney noted that the crypto industry established a professional lobbying apparatus during this election — a stark contrast to past election cycles in 2016 and 2020. This strategic lobbying effort is believed to have been pivotal in enabling the GOP to solidify control over both chambers of Congress and win the popular vote as well as the upcoming presidential election.
### Conclusion
The involvement of the cryptocurrency sector in American politics is increasingly significant, with industry leaders like Santori advocating for its influence as an essential element of democratic engagement. The substantial financial contributions and lobbying efforts suggest a burgeoning political force, one that could reshape future electoral dynamics.
