Crypto's Big Bet on Politics: A $119 Million Investment in the 2024 Election
Crypto's Strategic Donations in Political Elections
Crypto companies, notably Coinbase and Ripple, have infused over $119 million into the 2024 elections. Their goal is to support crypto-friendly candidates and shape clear regulations. The bulk of these funds has been funneled into super political action committees (PACs), strategically supporting pro-crypto candidates and sideline skeptics.
Crypto Companies Make Aggressive Donations
The leading recipient of these corporate donations is Fairshake PAC, which now boasts $202.9 million in contributions. Remarkably, $107.9 million—53% of Fairshake’s funding—originates from crypto corporations, primarily Coinbase and Ripple.
- Coinbase: $50,499,995
- Ripple: $49,000,000
Major contributions include:
- Fairshake PAC: $45,499,995
- Protect Progress (Fairshake affiliate): $1,500,000
- Defend American Jobs (Fairshake affiliate): $1,500,000
- Senate Leadership Fund (Republican PAC): $500,000
- Senate Majority PAC (Democratic PAC): $500,000
- Congressional Leadership Fund (Republican PAC): $500,000
- House Majority PAC (Democratic PAC): $500,000
Substantial donations from industry giants such as the Andreessen Horowitz founders, the Winklevoss twins, and Coinbase CEO Brian Armstrong further bolster this sum. However, this flood of corporate cash into politics has sparked controversy.
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.