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According to filings with the United States Federal Election Commission, Marc Andreessen and Ben Horowitz each donated $2.5 million to a pro-Trump super PAC called Right For America.
Their support for Trump is based on his policies being seen as beneficial to the crypto industry and startups, which they call the “little tech agenda,” according to a Bloomberg report on Oct. 16.
Andreessen also gave an additional $844,600 — the federal limit for donations — to Trump’s campaign and the Republican Party.
Donations Rolling In
Earlier this month, Horowitz made a surprising announcement that he would also be making a donation to Vice President Kamala Harris’ campaign, however, there have yet to be any records of it. The venture capitalist also doesn’t know her crypto policies, as she has said very little about the industry.
In a somewhat bizarre move, Ripple co-founder and chairman Chris Larsen recently contributed $1 million worth of XRP tokens to Future Forward, a super PAC supporting the Harris presidential campaign, according to CNBC. The Democrat-controlled SEC sued the firm in 2020 and has dragged out the legal battle for the past four years.
The Right For America super PAC has raised $27.8 million and had $43.6 million cash on hand for the final weeks of the campaign, reported Bloomberg. It is focusing most of its spending in the swing states of Arizona, Georgia, and Pennsylvania.
In July, Horowitz said, “I’m going to have a lot of friends who are probably pissed off at me for saying anything nice about President Trump” before adding that he was the right choice for “little tech.”
Additionally, Republican billionaire Miriam Adelson has shelled out $95 million to the pro-Donald Trump Preserve America PAC. Elon Musk has also pledged financial support to pro-Trump super PACs.
According to Open Secrets, Republican candidates lead their Democrat counterparts in terms of PAC donations received in 2024.
Crypto PAC Popularity
Crypto-focused super PACs have become increasingly prominent in recent years as the digital asset industry seeks to influence policy and regulation.
These committees often support candidates who are seen as favorable to crypto interests, including those who advocate for less stringent regulation of digital assets.
According to a Public Citizen report in August, digital asset corporations are the dominant corporate political spenders in 2024, with 44% of all such money contributed during this year’s elections, totaling $274 million so far, coming from crypto backers.
The crypto sector’s Fairshake PAC and its affiliates have raised over $200 million, according to Open Secrets.