The encryption industry splurges $26 million to support Trump! The Winklevoss brothers and a16z lead the contributions, raising concerns about conflicts of interest due to policy bias.

The latest campaign finance documents show that the encryption industry has donated over $26 million to Trump's campaign this year, setting a new record for political contributions in the field. Blockchain.com led the way with a $5 million donation, while a16z co-founders each contributed $3 million, and a certain CEX and the Winklevoss brothers contributed over $4 million. The Trump administration recently signed the GENIUS Act and promoted the CLARITY Act, with frequent policy dividends emerging. However, the Trump family is deeply involved in the encryption industry (with holdings valued at over $620 million), and 70 members of his cabinet hold crypto assets, raising potential conflict of interest concerns. The battle over the encryption regulatory framework has entered a critical window period.

Encryption giants collectively bet, 26 million donation sets record According to the latest disclosed campaign finance documents, the cryptocurrency industry has donated over $26 million to the pro-Trump super PAC MAGA Inc. this year. Axios reports that this donation list includes the most influential institutions and individuals in the crypto space: Blockchain.com tops the list with a single donation of $5 million; the two co-founders of the renowned venture capital firm a16z (Andreessen Horowitz), Marc Andreessen and Ben Horowitz, each contributed $3 million; a certain CEX donated nearly $3 million. The CEX co-founders Cameron and Tyler Winklevoss also each added $500,000 in personal donations. Other major donors include Ondo Finance ($2.1 million) and Paradigm ($1.2 million).

Policy dividends emerge frequently, Trump boasts as the "encryption defender" The influx of massive funds signifies the deepening relationship between Trump and the encryption industry. The former president is positioning himself as a staunch supporter of the industry. Since returning to the White House, his administration has pushed forward multiple pro-encryption policies: signing the first federal law targeting stablecoins, the GENIUS Act; strongly urging Congress to pass a comprehensive digital asset regulatory framework, the CLARITY Act; additionally, establishing a strategic Bitcoin reserve, and releasing a 160-page report outlining plans to support open-source encryption infrastructure and defend user privacy. These initiatives come during a regulatory vacuum for encryption in the United States, providing the industry with critical policy expectations.

Trump family deeply involved in secrecy, $620 million holdings raise conflict of interest concerns Despite the policy shift winning praise from industry leaders, it has also sparked sharp questions about the nature of vested interests. Members of the Trump family are extensively involved in encryption-related businesses, covering areas such as stablecoins, Meme coins, NFTs, and Bitcoin mining. The Bloomberg Billionaires Index shows that of Trump's personal wealth of approximately $6.6 billion, the stock valuation of his social media company TMTG is $2.2 billion, while his broader cryptocurrency portfolio is believed to have increased in value by at least $620 million in recent months. More concerning is the report that nearly 70 nominee or current officials in the Trump administration hold investments in cryptocurrency or blockchain companies, with holdings ranging from small amounts to over $120 million. This group includes Vice President JD Vance and seven cabinet members or nominees, whose disclosed total of crypto assets amounts to at least $2 million.

Discrepancies within the industry, on-chain lobbying transparency is being questioned This depth bundling has raised concerns. Trump supporter and Castle Island Ventures general partner Nick Carter admitted: "When political influence overlaps with individuals' financial exposure in the encryption market, it always brings about the risk of conflicts of interest, dealing with businesses that have conflicts of interest is always a headache." Critics warn that this not only creates potential conflicts of interest but also "normalizes" high-risk encryption investment behavior within the civil service community.

Conclusion: The $26 million donation highlights how the cryptocurrency industry views Trump as a key driver to break the regulatory deadlock. The advancement of the GENIUS and CLARITY bills marks a significant stage in the policy shift. However, the deep holdings of cryptocurrency assets by the Trump family and its core government circle blur the lines between policy-making and private wealth growth. As the election approaches, the struggle over cryptocurrency regulatory frameworks is not only about the fate of the industry but will also face intense scrutiny from the public regarding power rent-seeking and on-chain lobbying transparency. The operational mechanism of strategic Bitcoin reserves and the improvement of officials' holdings disclosure systems will become key observation points.