Crypto’s Rising Influence: $119 Million Poured into 2024 U.S. Elections by Blockchain Firms

Major Donors and PACs: Companies like Ripple and Coinbase are leading the charge, contributing large sums to super PACs such as Fairshake, which alone has raised over $202.9 million. These funds are being used to bolster pro-crypto candidates across the political spectrum.

Crypto companies have dramatically escalated their engagement in the 2024 U.S. federal elections, contributing a staggering $119 million so far, as reported by Public Citizen on August 21. This figure accounts for nearly half of all corporate contributions in the current election cycle, totaling $248 million.

Crypto firms pour $119M into 2024 US federal elections, rivaling traditional powerhouses
Crypto firms contributed $119 million to the 2024 U.S. elections, nearly half of corporate donations, mainly to pro-crypto Fairshake PAC.@RammDex 💪 #Huntingmeme #CryptoSignalsD2 #MemeCasin0 pic.twitter.com/T5bfLXo2Oa

— QuestD2 Earn Airdrop 🌟🌟 🌟 (@QuestD2Earn) August 21, 2024

The surge in donations has predominantly flowed to Fairshake PAC, a super PAC that champions candidates aligned with crypto interests. This year alone, Fairshake PAC amassed $202.9 million, with over $107.9 million originating from major crypto firms like Coinbase and Ripple. This unprecedented financial involvement from the crypto sector overshadows traditional corporate donors like Koch Industries, which contributed $25 million through its Americans for Prosperity Action PAC in 2024.

This influx of corporate donations follows the 2010 Supreme Court ruling in Citizens United v. Federal Election Commission, which permitted unlimited corporate spending on elections, barring direct coordination with candidates. Since then, corporate contributions have been on the rise, with the crypto sector’s contributions in the last three election cycles amounting to $129 million—most of which was donated this year.

Crypto Giants Spend $119 Million on Election Influence Campaigns https://t.co/242XrsJUNX#Crypto #Cryptocurrency #CryptocurrencyRegulation #futureofcryptocurrencyregulation #cryptocurrencyindustry pic.twitter.com/EDFim2JQiv

— sfctoday (@sfctodaymag) August 22, 2024

The influence of crypto-backed spending is already noticeable. In Montana, for example, Senator Jon Tester, who previously expressed skepticism about the crypto sector, supported pro-crypto legislation following indications of interest from crypto-backed super PACs in his reelection campaign. Crypto-backed super PACs have engaged in 46 primary races this year, securing victories in 36 of them. However, this surge in spending has raised legal concerns, particularly regarding the contributions from Coinbase, which is a federal contractor. Public Citizen has joined a complaint to the Federal Election Commission, questioning the compliance of these contributions with anti-“pay-to-play” regulations.

#catnews #cryptonews Crypto firms pour $119M into 2024 US federal elections, rivaling traditional powerhouses https://t.co/OjCHzIIo2j pic.twitter.com/9mLjUXJUyO

— DTM (@DerekTMcKinney) August 22, 2024

Major Points:

• Crypto companies have contributed $119 million to the 2024 U.S. federal elections, representing nearly half of all corporate contributions this cycle, totaling $248 million.
• The majority of crypto contributions have gone to Fairshake PAC, a super PAC supporting crypto-friendly candidates, with significant funds coming from major players like Coinbase and Ripple.
• This influx of crypto contributions dwarfs traditional corporate political spending, such as the $25 million from Koch Industries through its PAC.
• The 2010 Supreme Court decision in Citizens United v. FEC, allowing unlimited corporate election spending, has led to increased corporate contributions, with the crypto sector’s involvement particularly notable this year.
• Concerns about the legality of these contributions have arisen, especially with Coinbase’s status as a federal contractor, prompting Public Citizen to join a complaint to the Federal Election Commission.

Conner T – Reprinted with permission of Whatfinger News