Crypto Industry Spending Unprecedented Money on 2024 Election Dominates Landscape

Wednesday, 21 August 2024, 18:45

Crypto industry spending on the 2024 election has reached unprecedented levels, exceeding $119 million. This remarkable figure signifies the industry's commitment to boosting pro-crypto candidates and countering skeptics, as highlighted in a recent report. The spending reflects nearly 48% of all corporate political contributions in this cycle, raising questions about the influence of money on democracy.

The Hill — Crypto Industry Spending Unprecedented Money on 2024 Election Dominates Landscape

Crypto Industry's Unprecedented Election Spending

The cryptocurrency industry is making headlines with its unprecedented spending of over $119 million in federal elections for 2024. The goal? To support crypto-friendly candidates and challenge the voices of skepticism. According to Public Citizen, this staggering amount represents nearly 48% of all corporate donations during the current electoral cycle.

$129 Million Over Last Three Cycles

This significant investment underscores the power of crypto firms like Coinbase and Ripple, which alone have contributed substantial sums to ensure their platform gains traction. The report indicates that crypto companies have spent a total of $129 million over three election cycles, accounting for 15% of all corporate contributions since the Citizens United decision in 2010.

Impact of Citizens United Decision

The Citizens United ruling remains a focal point as it allows unlimited corporate spending on political campaigns. Rick Claypool from Public Citizen criticizes this trend, stating, “Corporations can’t vote, but crypto businesses are making sure they can’t be ignored.” This direct spending has potential implications for the future of elections beyond the cryptocurrency context.

Major Contributors

Coinbase: $50.5 million contributed, with $45.5 million to Fairshake.
Ripple: $49 million total, with $45 million to Fairshake.
Most spending directed to pro-crypto super PAC Fairshake.

The Political Landscape

The Republican Party has increasingly embraced crypto this election cycle, with former President Trump's campaign capitalizing on the industry’s momentum. Simultaneously, the crypto space has voiced concerns regarding the Biden administration's regulatory stance, especially under SEC Chair Gary Gensler.

Looking Ahead

With Vice President Harris now endorsed for the presidency, hopes are rising within the industry for a more favorable dialogue as they call for a reset with the administration.

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.