Marco Santori, the former chief legal officer of the Kraken exchange, lauded the political donations from cryptocurrency firms in the 2024 election as a demonstration of “democracy in action.”
In an exclusive discussion with a journalist, the ex-Kraken executive suggested that crypto enthusiasts played a crucial role in swaying the election in favor of then-candidate Donald Trump and the Republican Party.
He further stated that the contributions from crypto companies, many of which have successfully resolved regulatory lawsuits, do not signify conflicts of interest. Santori remarked:
“Critics label it a conflict of interest only when it’s a cause they oppose; otherwise, it’s simply democracy in action. It’s about individuals advocating for their own interests — just like you and me. This is what is occurring, and it was evident in the most recent election.”
“If you reflect on what transpired in November, it’s undeniable that crypto influenced 4-5% of the vote,” Santori noted. “This was a significant shift in an American election across all states and demographics,” he added.
2024 US electoral map. Source: 270 To Win
In September 2024, Dr. Tonya M. Evans, a law professor at Pennsylvania State University, remarked that the 2024 US elections would hinge on very narrow margins and that crypto voters held significant sway to influence the outcomes.
Crypto sector invests heavily in 2024 US elections
The cryptocurrency sector accounted for nearly half of all corporate political contributions during the 2024 election cycle in the United States.
Data from a nonprofit watchdog organization revealed that digital asset companies invested over $119 million to back pro-crypto candidates and initiatives during the 2024 elections.
The crypto industry’s portion of corporate campaign contributions during the 2024 election cycle. Source: Public Citizen
This included financial support for both the Presidential and Congressional races, such as the re-election campaign for Rep. Bryan Steil, who received $760,000 in last-minute media advertisements from a crypto political action committee.
According to former White House chief of staff Mick Mulvaney, the crypto industry established a professional lobbying strategy during this election cycle — a sharp contrast to the lack of such operations in 2016 and 2020.
The lobbying efforts from the crypto sector are credited as a key factor that enabled the GOP to capture both chambers of Congress, win the popular vote, and secure the 2024 US presidential election.