Cryptocurrency companies led by Coinbase and Ripple will donate US$119 million in the 2024 US election, accounting for nearly half of the amount of election donations

In 2024, crypto companies have dramatically increased their political contributions, with over $119 million directed towards US federal elections.

This amount constitutes nearly half of all corporate donations in this election cycle, according to a report by Public Citizen.

Coinbase and Ripple are major donation giants

The majority of this financial support has flowed into Fairshake PAC, which backs candidates sympathetic to cryptocurrency.

The PAC has raised $202.9 million, with more than $107.9 million coming from crypto giants like Coinbase and Ripple.

The crypto industry’s growing political influence

This influx of funds marks a significant change in the landscape of corporate political spending.

Traditionally dominant players, such as Koch Industries, which contributed $25 million, have been overshadowed by the crypto sector's substantial donations.

Citizens United Impact

The rise in contributions follows the 2010 Citizens United ruling, which allowed unlimited corporate spending on elections.

Notably, only the fossil fuel industry has outspent crypto companies since 2010, donating a known $162 million to fossil fuel-friendly politicians over the past 14 years.

While corporate donations have steadily grown since then, the crypto sector's 2024 spending spree stands out.

Crypto donation legality raises questions

The rapid escalation in crypto donations has sparked concerns. Public Citizen has raised questions about the legality of these contributions, especially from companies like Coinbase, a federal contractor.

They have joined a complaint with the Federal Election Commission to address potential violations of "pay-to-play" regulations.
As the crypto sector leads the way in political spending, other industries may follow suit, potentially increasing corporate influence in elections.

The impact of this trend is already visible, with crypto-backed candidates gaining traction in various races.