A new report from the Public Citizen, a consumer advocacy group reveals that crypto donations account for 48% of the $248 million of corporate money donated to influence federal elections this cycle. In 2024, crypto firms funneled upwards of $119 million directly into federal elections. Rick Claypool, research director at Public Citizen, states “no industry has ever before so wholeheartedly embraced raising as much directly from corporations and openly using that political war chest…to discipline lawmakers toward adopting an industry’s preferred policies.”
NEW: Crypto corporations are dominating political spending, pouring over $119,000,000 into influencing federal elections in 2024 alone.
That’s almost HALF of all corporate money spent this election cycle. https://t.co/79K2UOiEGL
— Public Citizen (@Public_Citizen) August 21, 2024
Fairshake, the crypto industry’s dominant political action committee (PAC), states that it raised $169 million. Insights released by Public Citizen reveal that Democrats and Republicans received an equal split of the total crypto donation this election season. Claypool research demonstrates that crypto stands second to only fossil fuel conglomerates that led the election expenditure charge since 2010. “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,” Claypool adds in the reports.
Ripple and Coinbase serve as leading crypto platforms, responsible for “dumping nearly $119 million” into political factions. Crypto’s impressive footprint in the 2024 presidential elections echo Republican candidate, Donald J Trump’s pro crypto campaign. Trump has reiterated his tall ambitions to bolster the US crypto industry on several public appearances and press conferences in recent months. A campaign adviser from Democratic candidate, Kamala Harris’ team states that the Vice President is ready to endorse and further the growth of the digital asset in the US economy.
