- Crypto firms and billionaire founders and executives have contributed massively to corporate contributions during this election cycle.
- The scale of donations made by the industry is “unprecedented.”
A report published by Public Citizen revealed that crypto companies contributed nearly half of political donations during this year’s election cycle. Out of the $248 million contributed, $119 million comes from crypto firms like Coinbase, Ripple, and Circle. That amounts to 48% of the total contributions.
“Cryptocurrency corporations are spending big to make crypto regulation a top issue for candidates in the 2024 elections,” the report read. “Crypto-sector corporations – primarily Coinbase and Ripple – have dumped over $119 million in real dollars into the 2024 elections so far, almost entirely into super PACs dedicated to elevating pro-crypto candidates and attacking crypto skeptics.”
The Fairshake super PAC attracts the most funds from crypto companies and associated individuals. It has raised $202.9 million of which $107.9 million—53%—was crypto-related. Billionaire founders and executives like the Winklevoss twins, Coinbase’s Brian Armstrong, and the namesake founders of VC firm Andreessen Horowitz have contributed heavily to that. “Money moves the needle,” Armstrong has previously stated when asked about his Super PAC donation. “For better or worse, that’s how our system works.”
Crypto Is Only Second to the Fossil Fuel Industry Since the Introduction of Super PACs
In the last three election cycles, crypto firms have donated a total of $128 million—an amount already hitting 15% of all corporate contributions since 2010, which sits at $884 million. That puts the crypto industry in second place, trailing behind the fossil fuel industry’s $176 million in donations.
“Now the even partisan split in both houses of Congress means the crypto sector’s outsized influence in competitive races has the potential to tip control of Congress one way or the other,” the report added. As crypto takes a very active stance in US politics this way, which has not been done at this scale by nearly all industries, more will follow crypto companies to influence political action.
