Cryptocurrency Firms Responsible For Almost Half Of Corporate Election Spending For 2024 Election Cycle

Cryptocurrency firms have been responsible for nearly half of all corporate spending so far in the 2024 election, according to a new report released by Public Citizen.

Corporations have spent $248 million to sway federal elections this cycle, with $119.2 million of this sum coming from crypto companies, according to Public Citizen’s analysis of campaign finance records released Wednesday. Expenditures linked to the crypto sector show no clear partisan lean, and the newly politically active industry has received a warm reception from politicians on both sides of the aisle.

Crypto corporations represented just 2.5% of corporate political expenditures in 2022 and 4.6% in 2020, according to Public Citizen’s report. (RELATED: Meet The Tech Moguls Flocking To Trump’s Banner)

“No industry has ever before so wholeheartedly embraced raising as much directly from corporations and openly using that political war chest as a looming threat (or reward) to discipline lawmakers toward adopting an industry’s preferred policies,” Public Citizen research director Rick Claypool wrote. “Now the even partisan split in both houses of Congress means the crypto sector’s outsized influence in competitive races has the potential to tip control of Congress one way or the other.”

Fairshake PAC has emerged as the largest player in the crypto industry’s political army, raising $202.9 million mostly from digital currency corporations like Coinbase and Ripple, and spending more than $93 million to date this election cycle, according to Federal Election Commission (FEC) records. Fairshake kicked off the cycle by