The crypto industry made waves in the 2024 federal elections by investing a staggering $119 million, positioning itself as the top corporate donor of the election cycle, according to a detailed report by citizen.org. This hefty financial contribution underscores the expanding sway of the cryptocurrency sector in influencing U.S. politics today.
Report: Crypto Industry Spends Record $119 Million in 2024 Federal Elections
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Crypto Industry Dominates 2024 Election Cycle
In 2024, the crypto sector took the lead as the largest corporate political spender, accounting for nearly half of all corporate funds in federal elections, as reported by citizen.org.
Key players, mainly Coinbase and Ripple, channeled over $119 million into super political action committees (PACs) backing pro- crypto candidates while opposing those with reservations about the industry. Citizen.org’s study says this level of corporate expenditure is unparalleled, representing a significant jump from previous election cycles.
Most of the crypto contributions went to the Fairshake PAC, which received close to $108 million from corporate supporters, including $45 million each from Coinbase and Ripple.
The Fairshake PAC, citizen.org reports, has emerged as a major influence in the 2024 elections, utilizing its vast resources to shape outcomes in both Republican and Democratic races. This non-partisan strategy highlights the calculated nature of crypto corporations’ political spending, designed to secure favorable regulatory conditions, regardless of party lines.
The influence of crypto companies in the 2024 elections is second only to the fossil fuel industry, traditionally the largest corporate contributor. Since the Supreme Court’s 2010 Citizens United ruling, which allowed unlimited corporate donations to political campaigns, crypto corporations have rapidly escalated their spending, now representing 15% of all corporate contributions over the last three election cycles.
What do you think about the citizen.org study? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin.com News is seeking a News Writer to produce daily content on cryptocurrency, blockchain, and the digital currency ecosystem. If you are interested in becoming a key member of our innovative global team, apply here.
