Companies from the crypto industry are spending large amounts of money to influence US elections, according to the nonprofit consumer advocacy organization Public Citizen.
In a new report, Public Citizen says crypto firms are by far the dominant corporate political spenders this year with backers from the sector giving over $119 million, or 48 of the $248 million that have so far been contributed for the 2024 polls.
-->The organization says crypto corporations primarily contribute to super political action committees (PACs) that are dedicated to electing candidates with a favorable stance on digital assets.
US-based crypto exchange Coinbase is the biggest election spender from the crypto sector with around $50.5 million in contributions, followed by blockchain payment firm Ripple with $49 million.
Other crypto-based corporations that provided funding to influence the 2024 elections include Jump Crypto ($15 million), Andreessen Horowitz ($1.75 million) and Payward, Circle Internet Financial and Paradigm Operations, which gave $1 million each.
Fairshake PAC is the main beneficiary of the crypto funds. The organization directly received $107.9 million, or 53 of the $202.9 million it raised from digital asset corporations. Coinbase and Ripple funneled the lion’s share of their 2024 election spending into this super PAC with $45,499,995 and $45 million in contributions, respectively.
Public Citizen says crypto corporations are now second in total election-related spending, trailing just behind fossil fuel corporations.
“Crypto corporations’ total spending in the past three election cycles – $129 million – already amounts to 15 of all known corporate contributions since 2010, which now total $884 million.”
