Cryptocurrency corporations have spent a staggering $119 million campaigning in the political landscape for the 2024 US elections. That is nearly half of all corporate contributions in these elections, which total nearly $250 million.
Out in front, companies like Coinbase and Ripple are leading the way, spending at prodigious rates in super PACs looking to push the candidacies of pro-crypto politicians while also undermining skeptics. This spending spree is raising eyebrows and concerns about the influence of money in politics.
US Elections: The Rise In Crypto Spending
The report from Public Citizen highlights that the crypto sector has become so dominant in corporate political spending that it even overshadows the spending prowess of seasoned heavyweights such as Koch Industries.
Data Source: OpenSecrets.org
Since the 2010 Citizens United ruling that allowed unlimited contributions from corporations, 15% of all corporate political spending has come from crypto corporations—and 92% of that has been just this year.
Nearly $114 million has gone to Fairshake PAC, the super PAC devoted to pro-crypto initiatives this cycle—more than any other single recipient of corporate funds.
Data source: OpenSecrets.org. Chart: Public Citizen
It is not just happening; it is part of a strategic effort mounted by the crypto industry in its pursuit of shaping the political narrative on digital assets. As research director of Public Citizen Rick Claypool said, “The only reason crypto is a campaign issue this year is that crypto firms are spending staggering amounts to try to make themselves impossible to ignore.”
This expenditure has been viewed as the best attempt of the industry to lock in regulations, while trying to hold off the almost daily pronouncements of dangers from the likes of senators Elizabeth Warren and Sherrod Brown.
Political Implications
And the implications of this spending are huge. With so much financial backing, the crypto-friendly candidates are more likely to win, which might change the policies that govern the industry.
Already, the former President took a liking for this crypto narrative, with Donald Trump promising that if it is he who will emerge—in fact, indeed—the rules will be written by the friends of the industry, and not the ones to destroy it.
On the Democratic side, there are signs of a possible policy reset—especially if Kamala Harris is the nominee. Her advisers have pointed to policies that would let the crypto industry thrive, which is a shift many in the crypto community have been looking for.
Future Outlook
The spending by the cryptocurrency industry will carve the roadmap of that which is to follow in coming elections. With the follow up by other industries, the policies will finally be changed overnight with the others using their financial power to set their heart on their chosen political prophecy.
Featured image from The Banker, chart from TradingView
