Crypto Firms Dominate 2024 Election Donations, Shaping Policy Influence

Crypto firms are pouring money into the 2024 U.S. elections, outspending traditional heavyweights like oil companies and banks. According to Public Citizen, a watchdog group, crypto donations make up nearly half of all corporate contributions, totaling around $119 million.

Coinbase and Ripple dominate these donations, accounting for over 80%. The funds primarily support super PACs backing pro-crypto candidates. This surge in spending reflects the industry's efforts to sway policy amid ongoing legal battles with the SEC.

Donald Trump, positioning himself as pro-crypto, has attracted significant funding from the sector. However, money flows to both parties, as control of the House, Senate, and presidency remains uncertain.

Fairshake, a leading pro-crypto super PAC, has raised over $169 million, mostly from major crypto firms. This money is being used to support candidates across party lines, aiming to influence the election outcome.

The strategy seems effective: crypto-backed candidates won 36 out of 42 primary races. However, campaign ads rarely mention crypto directly, focusing instead on traditional political issues.

This influx of funds highlights the influence of corporate money in elections, a trend exacerbated by the Supreme Court's Citizens United decision. Crypto's aggressive spending underscores its growing political clout and the challenges it poses for regulatory balance.