- Crypto firms, billionaire founders, and executives have contributed massively to corporate contributions during this election cycle.
- The scale of donations made by the industry is “unprecedented.”
As a seasoned researcher with years of experience tracking corporate influence in politics, I must say that the scale and speed at which the crypto industry has entered the political arena is nothing short of breathtaking. In my career, I’ve seen many industries try to sway elections, but the unprecedented donations from crypto firms like Coinbase, Ripple, and Circle have left me quite astounded.
A recently released report by Public Citizen showed that cryptocurrency companies accounted for approximately 48% of all political donations during this year’s election season. Out of the $248 million given in total, an impressive $119 million came from prominent crypto firms such as Coinbase, Ripple, and Circle.
“The findings indicate that major cryptocurrency companies, notably Coinbase and Ripple, have invested heavily to ensure that clear regulations for cryptocurrencies become a key topic in the 2024 elections. As of now, they’ve contributed approximately $119 million towards this cause, largely donating to super PACs that support pro-crypto candidates and criticize those who are skeptical about cryptocurrencies.”
The Fairshake Political Action Committee (PAC) primarily draws its funds from cryptocurrency companies and their affiliates, amounting to $202.9 million, with approximately half of this sum, or $107.9 million (53%), being crypto-related. Notable figures in the crypto sphere, such as the Winklevoss twins, Brian Armstrong from Coinbase, and the founders of venture capital firm Andreessen Horowitz, have significantly contributed to this total. As Brian Armstrong has previously expressed, “money can influence outcomes,” reflecting the role that financial contributions play in our current political system.
Crypto Is Only Second to the Fossil Fuel Industry Since the Introduction of Super PACs
Over the past three elections, cryptocurrency companies have contributed a combined total of $128 million – this represents 15% of all corporate contributions since 2010, which adds up to $884 million. This places the crypto industry in the second position, slightly behind the fossil fuel industry’s donations worth $176 million.
The current balanced divide in both houses of Congress indicates that the substantial impact of the cryptocurrency sector on close elections could determine which party controls Congress. Accordingly, as the crypto industry is increasingly engaging in US politics in a manner unprecedented by most industries, other companies are likely to follow suit and try to sway political decisions.
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2024-08-23 13:36