Cryptocurrency corporations have emerged as the dominant force in federal election spending, contributing over $119 million in 2024 to influence the outcome of key races.
According to a report by Public Citizen, the funds, primarily channeled through super PACs such as the Fairshake PAC, are aimed at electing pro-crypto candidates and opposing those skeptical of the cryptocurrency industry.
Nearly half of all corporate money contributed to federal elections this year has come from crypto companies, marking a significant shift in political influence.
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According to data analyzed by Public Citizen and OpenSecrets, 48% of the $248 million in corporate contributions for the 2024 elections came from crypto backers, making them the top corporate political spenders.
Leading the contributions are cryptocurrency giants Coinbase and Ripple, which have funneled millions into the Fairshake PAC and its affiliates. The super PAC, which has raised $202.9 million in total, has received $107.9 million directly from corporations, primarily Coinbase and Ripple. This influx of funds dwarfs traditional political spenders such as Koch Industries, which contributed $25 million to Americans for Prosperity Action.
This massive spending comes in the wake of the Supreme Court’s 2010 Citizens United ruling, which allows corporations to contribute unlimited funds to super PACs as long as they do not coordinate directly with candidates’ campaigns. Crypto corporations have embraced this ruling, spending more in the 2024 election cycle than they did in the previous three election cycles combined.
The flood of crypto money into politics is being seen as an aggressive attempt to influence regulations and legislation around cryptocurrency, with the Fairshake PAC backing candidates who support the crypto industry’s goals.
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This spending is expected to significantly impact the outcome of both congressional and presidential races. Since Citizens United, crypto corporations have been second only to fossil fuel companies in total political contributions.
As crypto corporations continue to pour money into elections, their growing influence raises concerns about the role of corporate money in shaping public policy and undermining efforts to regulate the volatile and controversial cryptocurrency market.
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