Senator Kirsten Gillibrand, a prominent figure in the U.S. Senate, has been actively involved in the development of the GENIUS Act, a bipartisan piece of legislation aimed at regulating stablecoins within the United States. As one of the key co-sponsors of the bill, Gillibrand's efforts to push for its passage have sparked significant discussion and scrutiny.

An investigation conducted by BeInCrypto into campaign financing during the 2024 federal election cycle revealed that combined donations from individuals linked to major crypto companies—such as Coinbase, Ripple, Uniswap Labs, Andreessen Horowitz, and dYdX Trading—amounted to over $200,000 for Gillibrand's campaign. These contributions highlight the financial ties between prominent figures in the crypto industry and the senator's political activities.

On a recent Monday evening, the Senate made progress on the GENIUS Act regarding stablecoins by successfully advancing a procedural vote for cloture, which restricts further debate and prevents filibustering. This procedural vote required the backing of 60% of the senators present, and the bill still necessitates a full Senate vote to be officially enacted. In this instance, 16 Democratic senators supported the motion, with Gillibrand taking the lead in advocating for its approval.

The journey towards this point has not been without challenges. During a previous Senate gathering on May 8, a similar vote failed to proceed to the final stage of discussion. At that time, nine Democratic senators, including Gillibrand, withdrew their initial support for the bill amid ongoing debates. Concerns regarding the adequacy of consumer protection measures, potential national security risks, and fears about how the legislation might interact with or worsen issues tied to former President Donald Trump's involvement in various crypto ventures were among the reasons cited for opposition.

In the most recent round of discussions, some previously skeptical senators, such as Delaware's Senator Blunt Rochester, expressed support for the bill, whereas others, like New Jersey's Senator Andy Kim, remained undecided. Despite these differing stances, it is undeniable that the United States is closer than ever to enacting national crypto legislation focused specifically on stablecoins. Senator Gillibrand's efforts have been pivotal in garnering sufficient Democratic backing at each stage of the legislative process, showcasing her adept negotiation skills.

However, Gillibrand's close ties to the crypto industry have raised questions about her motivations for promoting the bill's passage. Since becoming a Senator for New York in 2009, she has been re-elected three times, most recently in 2022 for a fourth term. According to OpenSecrets, a non-profit organization tracking campaign finance and lobbying activities, Gillibrand received substantial contributions from individuals affiliated with various crypto entities during the last election cycle.

Under U.S. federal law, corporations are prohibited from making direct contributions to congressional campaigns, particularly from their treasury funds. Nonetheless, OpenSecrets monitors donations from individuals, who must disclose their employers when contributing. In 2024, contributors connected to Coinbase ranked as the tenth-largest corporate donors to Off the Sidelines, Gillibrand's leadership Political Action Committee (PAC), collectively contributing $59,900 to her re-election bid. Following suit, venture capital firm Andreessen Horowitz donated $57,000, while Uniswap Labs placed sixteenth with $48,900. Ripple donors came in fortyth place, contributing $32,000, and dYdX Trading donated $19,200.

In total, Gillibrand amassed $217,000 from these crypto entities. Using the Federal Election Commission (FEC) database, BeInCrypto identified several independent contributors. Data from the FEC shows that Gillibrand's leadership PAC received $366,043.12 in individual contributions between 2023 and 2024. Among these contributions, BeInCrypto discovered ten donations from notable figures who listed Coinbase, Ripple, and Uniswap Labs as their employers.

Under the Federal Election Campaign Act, individuals are typically restricted to donating $5,000 annually to a traditional Political Action Committee (PAC). This limit applies per election cycle, allowing separate contributions for primary and general elections. For instance, Coinbase CEO Brian Armstrong and COO Emilie Choi donated a combined $8,300 to Gillibrand's leadership PAC during last year's primary elections. Similarly, Ripple Labs CEO Bradley Garlinghouse, Chief Legal Officer Stuart Alderoty, and Co-founder Chris Larsen each contributed $5,000. In the case of Uniswap, CEO Hayden Adams and Chief Legal Officer Katherine Minarik each gave $3,300, while Marvin Ammori, another Chief Legal Officer, contributed $7,300 on three separate occasions.

BeInCrypto found no individual contributions from dYdX or Andreessen Horowitz employees to Gillibrand's leadership PAC. Contributions from influential figures in the crypto industry, whether through political action committees or personal donations, became a common practice during last year's elections. A report by Public Citizen noted that major players like Coinbase and Ripple Labs each contributed $50 million to Fairshake, a crypto super PAC that spent $119 million during the 2024 federal elections. OpenSecrets classified Fairshake as one of the few Super PACs functioning as bipartisan committees, reflecting the crypto industry's extensive investment strategy to foster favorable regulation in Washington.

Nevertheless, these contributions raise questions about the impartiality of congressional representatives like Senator Gillibrand when it comes to voting on legislation that could directly impact the businesses of the very entities contributing to their political campaigns.

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