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.”
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