Crypto Industry’s Election Spending Reaches Record $119M for 2024
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Crypto companies have invested a remarkable sum into the current federal election cycle, contributing to almost half of all direct corporate expenditures in these elections, a recent watchdog report shows.
According to Public Citizen, a consumer-rights advocacy group, the industry has contributed $119m out of the total $248m corporations spent directly in this election cycle so far.
The industry is increasingly looking to influence laws and regulations that favor its growth, by supporting candidates who are pro-crypto. The goal is to create rules that are either more lenient or provide clear guidelines, helping to reduce the current uncertainty in crypto regulation.
NEW: Crypto corporations are dominating political spending, pouring over $119,000,000 into influencing federal elections in 2024 alone.
That's almost HALF of all corporate money spent this election cycle. https://t.co/79K2UOiEGL
The majority of these funds have been directed to Fairshake PAC, a super PAC focused on supporting candidates who favor cryptocurrency interests. This year, Fairshake PAC has raised $202.9m. Over $107.9m came from major crypto companies such as Coinbase and Ripple.
Further, the remaining funds primarily originate from billionaire execs in the crypto space and venture capitalists. This included $44m from Andreessen Horowitz’s founders, $5m from the Winklevoss twins, and $1m from Coinbase CEO Brian Armstrong.
Corporations like Coinbase and Ripple provided more than half Fairshake’s financial support. This totaled $107.9m, making up 53%.
Public Citizen noted that corporate spending on elections of this magnitude has
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