Crypto industry accounts for a majority of campaign donations to the Senate’s leading Bitcoin advocate

Upon assuming office in January, Cynthia Lummis became the first U.S. Senator to publicly hold bitcoin. Her advocacy for crypto before the legislative body has also made her a notable name across the industry. 

And while it's too early to say whether her crypto advocacy has impacted public sentiment, — Lummis won't face voters again until 2026 and polling remains limited — the Wyoming Republican has seen the crypto industry become a central pillar of her funding. 

Using data from the Federal Elections Commission (FEC), The Block conducted an analysis of donations to Lummis’ 2026 run, including both primary and general elections. Though those elections remain years in the future, crypto-native donors compose a significant chunk of Lummis’ existing support. 

After filtering out numbers from WinRed, a platform for such donations that served as an intermediary for many of Lummis’ individual donors, total contributions as of November 23 amounted to $124,932.50. 

That is, for context, a relatively small dollar pool. Senators Raphael Warnock (D-GA) and Tim Scott (R-SC) have raised $44 million and $31 million, respectively, for the 2022 cycle, putting them at the top for campaign donations to date. Both Warnock and Scott enjoy significantly higher profiles among the general public than Lummis, and Warnock’s seat in Georgia is expected to face stiff competition. 

Meanwhile, Wyoming has not sent a Democrat to the Senate since Gale McGee lost reelection in 1977, making Lummis' seat much less contentious. It is also the least populous state in the U.S., so Lummis’ current receipts add up to almost $0.50 for every voter who was registered in 2020. 

Of that total, individual donors — as opposed to political action committees — are responsible for $96,432.50. Though several crypto-focused PACs have emerged in recent years, none have yet given to Lummis’ campaign. 

Among individuals, however, The Block identified a number of familiar industry names. 

These include former CMT CEO Colleen Sullivan; Blockchain Association founder Kristin Smith; Kraken CEO Jesse Powell, PAX CEO Chad Cascarilla and his wife, Melissa; Bittrex Founder Bill Shihara; ADAM’s Michelle Bond; Tokenplace founder Nina Knox; and three separate executives of Multicoin Capital were among those to make the maximum donation of $2,900 to one or both of Lummis’ elections. 

The fuller roster of donations included even more crypto-heavy participants. 

The Block divided total receipts into three categories. “Crypto-native” donors included those listed above, as well as several crypto investors and, for example, James Murphy, who recently stepped down from a leadership position at financial services law firm Murphy & McGonigle and whose LinkedIn clearly advertises his engagement with blockchain. 

Such donors accounted for $56,200 of Lummis’ donations to date — a solid majority of individual contributions and still significantly larger than PACs have given so far.

“Crypto-adjacent” donors were those with clear affiliations to financial services and emerging technologies, such as David Grossblatt, a consultant for Giant Leaf, or Raymond Brooks, CEO of Azure Reinsurance. They accounted for another $5,500.

The third category was composed of donors with no clear ties to crypto. While such donors made up the majority of total donations, their donations tended to be significantly smaller than the crypto-native contributors, totaling $34,732. 

Total individual contributions to Lummis campaign

For comparison, total contributions from individuals who identified themselves as Wyoming residents and, therefore, Lummis constituents, was only $14,500. The crypto funding network is significantly broader.

“Senator Lummis is proud to have the support of Wyoming people as well as the state’s biggest industries and economic drivers, including those in the energy, agriculture and digital asset space,” a spokesperson for Lummis told The Block. “She is committed to promoting and defending Wyoming’s industries at the federal level.”

Beyond the impact on the Lummis campaign coffers, the findings also highlight another developing dynamic: The crypto industry is emerging as a funding source for allies in Washington. It's perhaps unsurprising that, as crypto has become a headlining story of financial policy, donations have flowed to those who might influence the policymaking process to the benefit of the industry.