Crypto Firms Pour $119 Million into 2024 US Elections

Public Citizen has issued a new report highlighting how cryptocurrency companies are shaping the 2024 US elections.

According to the August 21 report, these firms have contributed approximately $119 million to influence federal elections, primarily through donations to super political action committees (PACs) like Fairshake. This represents nearly half of the total $248 million in corporate political contributions for the year, with major contributions coming from companies such as Coinbase and Ripple.

The report notes that crypto industry contributions have significantly surpassed those from Koch Industries, a major donor to right-wing candidates. Specifically, Public Citizen found that $108 million of Fairshake’s funding came from entities with vested interests in the PAC’s activities, including major crypto players like Coinbase, Ripple, and Gemini co-founders Cameron and Tyler Winklevoss. Coinbase remains entangled in legal disputes with the Securities and Exchange Commission (SEC), while Ripple faced penalties from the SEC earlier in August.

Public Citizen describes Fairshake’s corporate support as unprecedented, noting that while unlimited corporate donations have been legal since the 2010 Citizens United ruling, Fairshake ranks second only to a super PAC focused on electing Republicans to the US Senate in terms of corporate funding.

The influence of crypto-backed PACs may already be visible in key primaries, with candidates backed by these funds winning 36 out of 42 races where crypto PAC money was involved. This support was used to fund attack ads against anti-crypto candidates or to bolster pro-crypto ones.

With control of the US Senate, House of Representatives, and the presidency at stake in the 2024 elections, the impact of such financial backing could be decisive. Public Citizen warns that the crypto sector’s substantial financial influence could sway critical races and potentially alter the balance of power in Congress.