a16z Founders Donate $5M to Trump Super PAC Supporting Crypto

Recent filings with the United States Federal Election Commission reveal that Marc Andreessen and Ben Horowitz each contributed $2.5 million to a pro-Trump super PAC known as Right For America.

Their endorsement of Trump stems from the perception that his policies favor the cryptocurrency sector and startups, which they refer to as the “little tech agenda,” according to a Bloomberg report dated October 16.

In addition, Andreessen contributed $844,600—the maximum allowed for individual donations—to both Trump’s campaign and the Republican Party.

Influx of Donations

This month, Horowitz unexpectedly stated that he intends to donate to Vice President Kamala Harris’ campaign, though there is no record of this donation yet. Additionally, the venture capitalist admitted uncertainty regarding her stance on cryptocurrency, noting her minimal commentary on the topic.

In an unusual development, Chris Larsen, co-founder and chairman of Ripple, recently donated $1 million in XRP tokens to Future Forward, a super PAC backing the Harris campaign, as reported by CNBC. It’s worth mentioning that the SEC, under Democratic leadership, has been embroiled in legal disputes with Ripple since 2020, extending the saga for four years.

According to Bloomberg, the Right For America super PAC has amassed $27.8 million and currently holds $43.6 million as cash reserves for the campaign’s concluding days. Their major investments are concentrated in key swing states such as Arizona, Georgia, and Pennsylvania.

Earlier in July, Horowitz remarked, “I’m sure a lot of my friends might be upset with me for saying anything positive about President Trump,” while asserting that he was the best candidate for “little tech.”

Furthermore, billionaire Republican donor Miriam Adelson has contributed $95 million to the pro-Donald Trump Preserve America PAC. Elon Musk has also expressed intentions to financially support super PACs allied with Trump.

As reported by Open Secrets, Republican candidates currently outpace their Democratic rivals in terms of PAC contributions in 2024.

Rising Influence of Crypto PACs

In recent years, super PACs focusing on cryptocurrency have gained prominence as the digital asset sector seeks to shape legislation and regulatory frameworks.

These committees typically back candidates who show support for crypto interests, particularly those advocating for less stringent regulations on digital assets.

A report by Public Citizen published in August indicates that digital asset companies have emerged as leading corporate political contributors in the 2024 elections, accounting for 44% of all such political funding, which has reached a total of $274 million from crypto supporters so far.

The Fairshake PAC and its associated entities in the crypto industry have raised over $200 million, according to Open Secrets.