Crypto industry spending reaches record $119M in 2024 elections

The cryptocurrency industry has made a financial impact on the 2024 federal election cycle, contributing $119 million to political campaigns.

According to a report by Public Citizen, a consumer-rights advocacy group, this spending represents nearly half of all direct corporate expenditures in the current election cycle, which has totaled $248 million so far.

The industry’s contributions are aimed at influencing laws and regulations that could benefit the growth of cryptocurrency, by backing candidates who support clearer and more favorable regulatory frameworks.

A large portion of these funds has been directed to Fairshake PAC, a super PAC that supports candidates aligned with the interests of the crypto sector.

Fairshake PAC has raised $202.9 million this year, with over $107.9 million coming from major cryptocurrency companies, including Coinbase and Ripple.

These two companies alone have provided more than half of Fairshake’s financial backing.

In addition to corporate donations, a significant share of the remaining funds has come from key figures in the cryptocurrency space, such as $44 million from Andreessen Horowitz’s founders, $5 million from the Winklevoss twins, and $1 million from Coinbase CEO Brian Armstrong.

The report highlights the growing scale of corporate spending on elections by the cryptocurrency industry, particularly over the past three election cycles.

Crypto companies now rank just behind fossil fuel giants in terms of political contributions, following the $176 million invested by the fossil fuel sector over the past 14 years.

Koch Industries, a prominent player in the fossil fuel industry, has contributed $73 million to political causes, much of it supporting organisations like Americans for Prosperity.

The study examines donations made by corporations to super PACs and hybrid PACs, which are required to report their contributions to the Federal Election Commission.

This level of spending by the cryptocurrency industry underscores its increasing involvement in shaping the regulatory environment.