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 a “small tech agenda,” according to a Bloomberg report on October 16.
Andreessen also gave an additional $844,600 – the federal donation limit – to the Trump campaign and the Republican Party.
Rolling Donations
Earlier this month, Horowitz made the surprise announcement that he would also make a donation to Vice President Kamala Harris’ campaign, but there is no record of that yet. The venture capitalist was also in the dark about his crypto policy, as he said little about the industry.
In a somewhat strange move, Ripple co-founder and chairman Chris Larsen recently donated $1 million worth of XRP tokens to Future Forward, a super PAC supporting Harris’ presidential campaign, according to CNBC. The Democratic-controlled SEC sued the company in 2020 and has dragged out legal proceedings for the past four years.
Super PAC Right For America has raised $27.8 million and has $43.6 million on hand for the final weeks of the campaign, Bloomberg reported. They focused most of their spending on the states of Arizona, Georgia, and Pennsylvania.
In July, Horowitz said, “I’m going to have a lot of friends who are probably going to be mad at me for saying something nice about President Trump” before adding that he was a great choice for “small tech.”
Additionally, Republican billionaire Miriam Adelson has shelled out $95 million to the pro-Donald Trump Preserve America PAC. Elon Musk also pledged financial support to a pro-Trump super PAC.
According to Open Secrets, Republican candidates lead Democratic candidates in terms of PAC donations received in 2024.
Popularity of Crypto PACs
Crypto-focused super PACs have become increasingly prominent in recent years as the digital asset industry attempts to influence policy and regulation.
These committees often support candidates perceived to support crypto interests, including those who support less stringent regulation of digital assets.
According to a Public Citizen report in August, digital asset companies were the ones that spent the most on politics in 2024, with 44% of all the money contributed during this year’s elections, totaling $274 million so far, coming from crypto supporters.
Crypto sector PAC Fairshake and its affiliates have raised more than $200 million, according to Open Secrets.
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