Crypto companies have given Gillibrand $217,000 with advances in Stablecoin Bill

Democratic Sen. Kirsten Gillibrand has played an important role in the genius law. This is a bipartisan bill that regulates the use of stubcoins in the United States if they pass. However, as a major co-sponsor of the bill, Gilibrand’s involvement in its passage comes to its share of controversy.

In a survey of campaign funding during the 2024 federal election cycle, Beincrypto found collective donations from individuals associated with prominent crypto companies, including Coinbase, Ripple, Uniswap Labs, Andreessen Horowitz and Dydx transactions, won $200,000 in the New York Senator’s campaign.

Genius: A step closer to federal government’s stubcoin regulations

On Monday night, the Senate advanced the Genius Act on stablecoins by approving the proceedings vote. This vote was for solidification that limits debate and prevents filibusters.

Coagulation requires the support of 60% of the senators present. The bill still requires the full Senate vote to pass. To reach the required threshold, 16 Democrats voted in favor of the move, with Senator Gillibrand leading the initiative.

The path to getting there was difficult. At the previous senator reunion on May 8, the same vote failed to advance to the final round of discussion. Nine Democrat senators, including Gillibrand, rescinded initial support for the bill during that round of debate.

Opposition to the bill came from several concerns. These included concerns about how inadequate consumer protection, potential risks to national security, and issues related to President Donald Trump’s involvement in different crypto ventures, and the possibility that it could even worsen.

In this latest round, some senators, like Delaware Sen. Blunt Rochester, decided to greenlight the bill, but others, like New Jersey Sen. Andy Kim, weren’t convinced.

What’s certain is that the US is closer than ever to the national cryptographic law regarding stubcoins. Gillibrand’s negotiation skills helped ensure adequate democratic support for the bill at every stage.

But her connection to the crypto industry raises questions about her motivations for advocating that passage.

Which Crypto companies contributed to the Gillibrand campaign?

Gillibrand has been a Senator in his hometown of New York since 2009. Last year, she was appointed for the fourth term.

Gillibrand received tens of thousands of dollars from individuals representing different crypto entities during their final election cycle, according to OpenCrets, a nonprofit organization that tracks and publishes campaign finance and lobbying data.

Under US federal law, businesses are generally not allowed to donate directly to Congressional campaigns. The ban applies to donations from a company’s financial fund.

Nevertheless, OpenSecrets monitors the surveillance from individuals that are normally required to disclose their employer when making a donation.

With this information in 2024, Coinbase-related contributors are the 10th largest corporate donor for side jobs, Senator Gilibrand’s Leadership Political Action Committee (PAC). Together, they donated $59,900 to her reelection campaign.

Following that lead, venture capital firm Andreessen Horowitz has donated $57,000 to Gillibrand’s efforts. Uniswap Labs was ranked 16th, with individuals giving $48,900.

Ripple Donors came in 40th, giving a total of $32,000. Furthermore, below the list is a Dydx deal, which has donated $19,200.

Gillibrand received a total of $217,000 from these different crypto entities. Searching the Federal Election Commission (FEC) database, Beincrypto revealed the identities of several of these independent contributors.

Key Individual Donors to Gillibrand Leadership PAC

Bystanders received personal contributions worth $366,043.12 between 2023 and 2024, according to data compiled by the FEC.

Combining these contributions, Beincrypto discovered 10 individual contributions from prominent individuals who listed Coinbase, Ripple and Uniswap Labs as employers.

Under the Federal Election Campaign Act, individuals are generally limited to donating $5,000 per calendar year to traditional PACs. This limit applies every election cycle. This means that individual donations can be made in the first and general elections.

Among the Coinbase-related names were CEO Brian Armstrong and Chief Operating Officer Emily Choi. Emily Choi donated a total of $8,300 to Gilibrand Leadership PAC in last year’s primary.

Meanwhile, Ripple Labs CEO Bradley Garlinghouse, Chief Justice Officer Stuart Aldeoty and co-founder Chris Larsen each donated $5,000.

In the case of UNISWAP, CEO Hayden Adams and Chief Justice Secretary Katherine Minarik each donated $3,300. Marvin Ammori, who is also the best legal officer, has donated a total of $7,300 to three separate occasions.

Beincrypto found no individual contributions to Gillibrand’s leadership PAC from employees of either Dydx or Andreessen Horowitz.

Does cryptocurrency funding have an impact on parliamentary impartiality?

Campaign funding from prominent names in the crypto industry, whether from the Political Action Committee or individual contributors, became home-activities in last year’s election.

Public citizen reports that giants like Coinbase and Ripple Lab each donated $50 million to Fairshake.

In fact, OpenSecrets is labelled Fairshake as one of the few super PACs to be certified as a bipartisan committee. Crypto contributions to Republican and Democrat candidates demonstrate the widespread investment in the industry to achieve a brighter regulation future for Washington’s crypto.

But they also raise questions about the fairness of Congressional representatives like Senator Gillibrand when it comes to voting for laws that directly affect the business of the very actors who contributed to their political campaigns.