Nearly Half of All Corporate Election Spending in 2024 Cycle Comes from Crypto Companies, Study Finds

According to Public Citizen’s report, which utilized data from the transparency group OpenSecrets, it was discovered that 48% of corporate political spending, amounting to $119 million, originated from companies in the cryptocurrency sector such as Ripple and Coinbase. This figure represents $119 million out of a total expenditure of $248 million.

Most of these donations have been directed towards politically active committees that support cryptocurrencies (PACs), such as Fairshake, an unbiased committee working to elect pro-crypto candidates from all political spectrums. Additionally, they aim to minimize the chances of anti-crypto contenders in the election process.

As indicated by a report from Public Citizen, approximately $107.9 million out of the $203 million raised by Fairshake was contributed directly by cryptocurrency companies. The remaining amount, which includes substantial donations, originated from well-off and influential figures in tech and crypto sectors such as the Winklevoss twins and Brian Armstrong, CEO of Coinbase.

Rick Claypool, the research director for Public Citizen, characterized the political expenditures within the crypto sector as “unparalleled.” In the past three election cycles, crypto firms have directly contributed $129 million, which amounts to approximately 15% of all corporate contributions since 2010. This significant increase in spending occurred following the U.S. Supreme Court decision in Citizens United v. Federal Election Commission (2010), where corporations were granted the right to make unlimited donations to candidates through Political Action Committees under the First Amendment.

As per the report, it is the fossil fuel sector that has surpassed crypto companies in financial contributions since 2010, donating approximately $162 million to politicians with pro-fossil fuel views during the last 14 years.