Giant cryptocurrency platforms poured practically $500,000 into Australia’s two main political events within the lead-up to final 12 months’s federal election forward of main regulatory reforms promised by either side of the aisle.
The donations embody practically $50,000 by a big crypto alternate to the Labor MP who would later be appointed the Assistant Minister chargeable for the digital economic system.
Knowledge launched by the Australian Electoral Fee (AEC) this week revealed that giant cryptocurrency corporations together with Coinbase and Swyftx made important donations to Labor and the Liberals in 2024-25, forward of the Could 2025 federal election and Labor’s landslide victory.
Cryptocurrency reforms and the potential for stronger laws was an election subject, with each main events promising to behave on the problem.
Since its election victory, the Labor occasion has moved forward with its deliberate reforms that may require crypto platforms to acquire an Australian Monetary Providers Licence, much like different monetary establishments.
This reporting doesn’t allege any wrongdoing.
Massive spending
AEC knowledge reveals that 4 cryptocurrency platforms – Coinbase, Swyftx, Immutable and WeMoney – chipped in a complete of practically $500,000 to the 2 events, with more cash flowing to the Liberals than Labor.
US-based cryptocurrency alternate Coinbase donated probably the most out of those firms, contributing a complete of $230,000.
Of those donations, $130,000 went in direction of Liberal NSW, and $100,000 to Labor NSW.
Australian crypto platform Swyftx chipped in a complete of $201,700 throughout a lot of political donations in 2024-25.
The corporate contributed $120,000 to the Liberals and about $32,000 to Labor, together with a near-$50,000 donation to Labor MP Andrew Charlton.
The donation to Charlton was made on 24 April 2025, in accordance with the AEC knowledge, lower than two weeks earlier than the election.
Charlton was later appointed the Assistant Minister for Science, Know-how and the Digital Financial system.
In an announcement after this appointment, Swyftx mentioned it was “unequivocally excellent news for crypto in Australia” and that Charlton has a “deep understanding of blockchain, coupled with a real perception in its potential to assist the Australian economic system”.
Immutable, a Sydney-based tech firm growing blockchain-based video games, donated $32,000 to the Liberals and $22,000 to Labor within the 2024-25 monetary 12 months.
WeMoney, a monetary wellness app that enables its customers to combine cryptocurrency with conventional banking accounts, additionally chipped in simply over $26,000 to the key events, with greater than 60% of this going in direction of the WA Liberals.
A pivotal election
The 2025 federal election was a pivotal one for cryptocurrency platforms, with each main events promising reforms and additional laws for the house.
Following the election, the Labor authorities unveiled main reforms that may totally regulate cryptocurrency platforms by 2027.
Laws launched to Parliament late final 12 months outlined “clear, enforceable guidelines” for firms holding digital assists on behalf of customers that may guarantee they “meet the identical requirements of transparency, integrity and client safety that apply throughout the monetary system”.
The scheme will introduce two new forms of monetary merchandise: asset platforms and tokenised custody platforms.
Each will probably be required to carry an Australian Monetary Providers Licence and be topic to core obligations, together with: prohibitions on deceptive and misleading conduct and unfair conduct phrases; necessities to supply clear details about how belongings are held and what customers’ rights are; and robust governance and danger controls.
Cryptocurrency platforms holding lower than $5,000 per buyer and facilitating lower than $10 million in transactions per 12 months will probably be exempt from this new regulatory scheme.
If handed by Parliament, the laws will probably be enforced by 2027.
The main crypto exchanges have supported the broad intent of those reforms in submissions to authorities however have pushed for extra element and readability.
In a submission to Treasury, Coinbase supported the thrust of the invoice however raised considerations {that a} “deference to ASIC’s standard-setting powers” may “inadvertently prohibit world enterprise fashions”.
Coinbase additionally pushed for clearer coverage settings for firms working between monetary and non-financial merchandise and different “refinements” to “strengthen the legislative framework and supply larger certainty for each customers and well-regulated companies”.
Swyftx’s submission to Treasury mentioned that it “strongly endorses the federal government’s view that digital asset laws ought to be each competitors and technology-neutral, with a give attention to supporting innovation and client protections”.
It additionally pushed for larger readability round aims, powers and transitional preparations.
Massive tech donors
Quite a lot of different main tech gamers additionally emerged as important political donors.
Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar contributed a mixed $2.8 million to political events and organisations.
All of Cannon-Brookes’ $1.3 million in donations went in direction of Local weather 200, the organisation offering funding to climate-focused independents.
Farquhar contributed $1.5 million to Local weather 200, together with $22,870 to the Queensland Greens.
Cliff Obrecht, the co-founder of Australian tech big Canva, was additionally a serious donor to Local weather 200, contributing $500,000.
He additionally donated $250,000 to Labor’s Victorian department.
Meals supply big DoorDash was additionally a serious political donor in 2024-25, forking over practically $900,000 with the bulk going in direction of the Liberals.
The US-based firm gave $90,000 to Labor and the remainder to the Liberals.
Earlier than the federal election, the Labor authorities launched main gig economic system reforms, together with setting minimal requirements and protections in opposition to unfair deactivations.
Tech big Airbnb contributed $58,000 to the key events, with $33,000 given to Labor and $25,000 to the Liberals.
