Crypto Industry Spending Unprecedented Amounts on 2024 Elections: An In-Depth Analysis
Overview of Crypto Industry Election Spending
The cryptocurrency industry has spent over $119 million on federal elections in 2024, aiming to support crypto-friendly candidates while opposing skeptics. This level of spending is unprecedented, accounting for nearly 48 percent of all corporate donations this election cycle, according to a report by Public Citizen.
Implications of Increased Spending
Rick Claypool, research director at Public Citizen, highlighted that the massive financial backing from companies like Coinbase and Ripple is indicative of the influence corporations can wield over elections, especially after the Citizens United decision. Claypool stated, “Corporations can’t vote. But the sole reason crypto is a hot-button topic in this election cycle is that crypto businesses are spending eye-popping sums to make themselves impossible to ignore.”
Breakdown of Contributions
- Overall crypto spending this cycle primarily supports the pro-crypto super PAC Fairshake, receiving nearly $114 million.
- Major contributors include Coinbase and Ripple, with Coinbase donating $50.5 million and Ripple spending $49 million.
Political Landscape Shifts
As political party platforms evolve, former President Trump's campaign and Republican candidates have increasingly embraced cryptocurrency, reflecting its growing footprint in the electoral arena. Meanwhile, the crypto industry hopes for a shift in strategy with the Biden administration as the election approaches.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.