A report conducted by Public Citizen reveals that cryptocurrency companies contributed to 48% of all corporate political donations in 2024.
A recent report by the consumer advocacy organization Public Citizen has illustrated how cryptocurrency company funding has influenced the 2024 U.S. federal elections.
According to the August 21 report, cryptocurrency companies spent about $119 million in election contributions, primarily directed toward political action committees (PACs) like Fairshake, a super PAC focused on supporting candidates favorable to cryptocurrency interests. These contributions account for approximately 48% of the $248 million in corporate funds used for the 2024 U.S. elections.
PACs are political action committees that raise funds to support election candidates. They play a crucial role in financing election campaigns in the United States.
Major contributors
The leading companies involved, including Coinbase and Ripple, have surpassed the contributions of the Koch Industries conglomerate, a long-time donor to many Republican politicians.
According to Public Citizen’s research, Coinbase and Ripple, along with Gemini co-founders Cameron and Tyler Winklevoss and Brian Armstrong, CEO of Coinbase, have contributed approximately $108 million to the PAC Fairshake.
Political influence and implications
Fairshake and its affiliated PACs, Defend American Jobs and Protect Progress, have already influenced some primaries in the United States. The report reveals that candidates supported by crypto PACs won 36 of the 42 elections, often through ads against “anti-crypto” candidates or in favor of “pro-crypto” candidates.
The influence of cryptocurrency companies in elections could shape the political orientation of Congress, given the division in the U.S. chambers. According to the report’s author, Rick Claypool, no industry has previously used corporate fundraising so openly to directly influence elections. The report claims that only the fossil fuel industry has spent more than cryptocurrency companies since 2010, donating a total of $162 million to fossil fuel-friendly politicians over the past 14 years.
