Crypto Power Play in 2024 Elections

The crypto industry made headlines in the 2024 federal elections by investing a staggering $119 million, establishing itself as the top corporate donor of the election cycle, according to a report by citizen.org. This monumental financial contribution emphasizes the growing influence of the cryptocurrency sector in shaping U.S. politics today.

Crypto Industry Leads the Political Spending

In 2024, the crypto sector emerged as the largest corporate political spender, accounting for nearly half of all corporate funds in federal elections, as reported by citizen.org. Major players like Coinbase and Ripple directed over $119 million into super PACs supporting pro-crypto candidates and opposing those skeptical about the industry. This level of corporate expenditure marks a significant increase from previous election cycles.

Chart via citizen.org’s study, data via opensecrets.org.

Most contributions were funneled to the Fairshake PAC, which received nearly $108 million from corporate backers, including $45 million each from Coinbase and Ripple. The Fairshake PAC has become a significant player in the 2024 elections, leveraging its resources to influence outcomes across both Republican and Democratic races. This non-partisan approach underscores the strategic nature of crypto corporations’ political spending, aimed at securing favorable regulatory conditions, irrespective of party affiliation.

The political influence of crypto firms in the 2024 elections trails only behind the fossil fuel industry, historically the largest corporate contributor. Following the Supreme Court’s 2010 Citizens United ruling, which permitted unlimited corporate donations to political campaigns, crypto companies have rapidly increased their spending, now accounting for 15% of all corporate contributions over the last three election cycles.

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