Giant cryptocurrency platforms poured almost $500,000 into Australia’s two main political events within the lead-up to final yr’s federal election forward of main regulatory reforms promised by either side of the aisle.
The donations embody almost $50,000 by a big crypto trade to the Labor MP who would later be appointed the Assistant Minister accountable for the digital financial system.
Information launched by the Australian Electoral Fee (AEC) this week revealed that enormous cryptocurrency corporations together with Coinbase and Swyftx made important donations to Labor and the Liberals in 2024-25, forward of the Might 2025 federal election and Labor’s landslide victory.
Cryptocurrency reforms and the potential for stronger rules was an election concern, with each main events promising to behave on the difficulty.
Since its election victory, the Labor social gathering has moved forward with its deliberate reforms that can require crypto platforms to acquire an Australian Monetary Providers Licence, much like different monetary establishments.
This reporting doesn’t allege any wrongdoing.
Huge spending
AEC information reveals that 4 cryptocurrency platforms – Coinbase, Swyftx, Immutable and WeMoney – chipped in a complete of almost $500,000 to the 2 events, with extra money flowing to the Liberals than Labor.
US-based cryptocurrency trade Coinbase donated essentially the most out of those corporations, 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 plenty 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 information, lower than two weeks earlier than the election.
Charlton was later appointed the Assistant Minister for Science, Expertise and the Digital Financial system.
In a press release 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 help the Australian financial 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 yr.
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 most important 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 rules for the house.
Following the election, the Labor authorities unveiled main reforms that can totally regulate cryptocurrency platforms by 2027.
Laws launched to Parliament late final yr outlined “clear, enforceable guidelines” for corporations holding digital assists on behalf of customers that can guarantee they “meet the identical requirements of transparency, integrity and shopper safety that apply throughout the monetary system”.
The scheme will introduce two new sorts of monetary merchandise: asset platforms and tokenised custody platforms.
Each might 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 property are held and what customers’ rights are; and powerful governance and threat controls.
Cryptocurrency platforms holding lower than $5,000 per buyer and facilitating lower than $10 million in transactions per yr might be exempt from this new regulatory scheme.
If handed by Parliament, the rules might 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” might “inadvertently limit world enterprise fashions”.
Coinbase additionally pushed for clearer coverage settings for corporations working between monetary and non-financial merchandise and different “refinements” to “strengthen the legislative framework and supply higher certainty for each shoppers and well-regulated companies”.
Swyftx’s submission to Treasury mentioned that it “strongly endorses the federal government’s view that digital asset rules must be each competitors and technology-neutral, with a deal with supporting innovation and shopper protections”.
It additionally pushed for higher readability round aims, powers and transitional preparations.
Huge tech donors
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 large Canva, was additionally a significant donor to Local weather 200, contributing $500,000.
He additionally donated $250,000 to Labor’s Victorian department.
Meals supply large DoorDash was additionally a significant political donor in 2024-25, forking over almost $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 financial system reforms, together with setting minimal requirements and protections in opposition to unfair deactivations.
Tech large Airbnb contributed $58,000 to the most important events, with $33,000 given to Labor and $25,000 to the Liberals.
Elevate your perspective with NextTech Information, the place innovation meets perception.
Uncover the most recent breakthroughs, get unique updates, and join with a world community of future-focused thinkers.
Unlock tomorrow’s traits at the moment: learn extra, subscribe to our publication, and turn into a part of the NextTech group at NextTech-news.com
