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An advocacy group has outlined how the cryptocurrency industry has contributed almost half of all direct corporate expenditures in the current election cycle in the United States.
Public Citizen, the progressive consumer-rights organization founded by Ralph Nader in 1971, said the crypto sector is responsible for $119 million of the $248 million corporations have spent in contributions related to the elections, most of that to political action committees (PAC) set up to elect pro-crypto candidates, or defeat anti-crypto ones.
Public Citizen’s report delivers more evidence of a crypto industry lobbying and influencing lawmakers and their political campaigns, especially ones open to legislative or regulatory changes to enable growth in that sector. Both of the viable candidates for president in the upcoming U.S. elections have been courting the crypto industry.
The major beneficiary of the funds has been Fairshake PAC, a so-called “Super PAC” that is concentrated on backing candidates in favor of crypto reform and the interests of the sector.
Heavyweight crypto firms such as Coinbase and Ripple have contributed more than $107.9 million of the $202.9 million raised by Fairshake this year.
Other contributors include key individuals and players in crypto, such as $1 million from Coinbase chief executive Brian Armstrong, $5 million from the Winklevoss twins, and a significant $44 million from Andreessen Horowitz’s founders.
Public Citizen noted that spending of this extent is unprecedented, with the past three campaigns resulting in just 15% of corporate donations emanating from the crypto space.
NEW: Crypto corporations are dominating political spending, pouring over $119,000,000 into influencing federal elections in 2024 alone.
That's almost HALF of all corporate money spent this election cycle. https://t.co/79K2UOiEGL
— Public Citizen (@Public_Citizen) August 21, 2024
Crypto now second on the list of corporate political contributions
Back in 2010, the Citizens United Supreme Court ruling enabled unlimited contributions to super PACs, though these groups are still prohibited from “coordinating” with the campaigns they support, through talks, discussions, mutual planning, or other liaison efforts.
Public Citizen’s report collates only the financial contributions made by corporations to super PACs and related entities, which are bound by federal election law to detail all donations made on a quarterly basis.
Crypto now only trails the fossil fuel lobby for election spending.
Featured image via Pexels
