- Crypto corporations contributed $119 million to 2024 U.S. elections, representing 48% of all corporate political spending.
- Ripple donated $1 million to unseat Senator Warren, with executives personally supporting GOP candidate John Deaton.
- Fairshake PAC, backed by Ripple and Coinbase, raised $150 million to support pro-crypto candidates in 2024.
In 2024, cryptocurrency firms emerged as the greatest contributors to US federal elections, donating $119 million. Their purpose is to support crypto-friendly candidates and oppose those who oppose cryptocurrencies. The figure accounts for 48% of all corporate political donations this year.
Crypto Contributions Surpasses Koch Industries
Traditional corporate donors, such as Koch Industries, which is known for its significant political spending, are now exceeded by cryptocurrency corporations. Koch Industries gave $25 million to Americans for Prosperity Action and another $3.25 million to Republican congressional candidates. This is much lower than crypto-backed contributions.
Impact of Citizens United Decision
Since the 2010 Citizens United ruling, corporate donations have significantly increased. Crypto firms, benefitting from this decision, have contributed $129 million over the past 14 years. Most of their spending (92%) occurred in 2024 alone, showcasing their growing influence.
Fossil Fuel Companies Remain Strong
Although crypto companies have seen a surge in political donations, fossil fuel corporations remain influential. They have spent $176 million since 2010, with Koch Industries playing a key role. However, crypto donations are quickly catching up and may soon surpass these figures.
Notable Contributions
One of the most significant donations to the elections came from Ripple, which contributed $1 million to unseat Senator Elizabeth Warren, a known crypto critic. Ripple’s executives have also personally donated to John Deaton’s campaign, who is challenging Warren for her Senate seat.
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Another notable example is the Winklevoss Twins from Gemini, who donated $6,600 each to support Deaton. Additionally, the Fairshake PAC has raised $150 million from firms like Ripple and Coinbase, aiming to back pro-crypto candidates.
Crypto corporations’ 2024 political spending reflects their intention to shape the regulatory environment. Their growing contributions could redefine future U.S. policy decisions, particularly concerning cryptocurrency regulation.
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