TechFlow news, according to a report released Wednesday by Public Citizen, an organization that monitors corporate influence, cryptocurrency companies have accounted for nearly half of all corporate political spending in the 2024 election cycle. Data from OpenSecrets shows that so far, 48% of corporate election expenditures—totaling $119 million out of $248 million in overall contributions—have come from crypto firms such as Ripple and Coinbase.
The majority of these contributions have flowed to pro-cryptocurrency super political action committees (PACs), including Fairshake. This nonpartisan super PAC aims to support pro-crypto candidates from both parties while opposing those skeptical of digital assets. Of the $203 million raised by Fairshake, $107.9 million has come directly from cryptocurrency companies, with the remainder contributed by prominent figures in the tech and crypto industries, including the Winklevoss twins and Coinbase CEO Brian Armstrong.
Over the past three election cycles, direct spending by crypto companies has totaled $129 million, representing 15% of all known corporate political donations since 2010. The report notes that only the fossil fuel industry has spent more than the crypto sector since 2010, contributing $162 million to politicians supportive of fossil fuels over the past 14 years.
