Crypto companies have contributed nearly $119 million, dominating 2024 election finance.
Major players like Coinbase and Ripple lead with over 80% of crypto donations.
Crypto's influence is reshaping political spending, surpassing traditional donors like Koch Industries.
The 2024 presidential race is seeing a dramatic shift in political spending. Cryptocurrency companies are now major players in election finance.
Nearly half of all corporate election money this year comes from the crypto sector. This surge in spending is reshaping the political landscape and shifting power.
https://twitter.com/BitcoinMagazine/status/1829557775204237635 Crypto’s Dominance in Election Spending
Crypto companies have poured over $119 million into federal elections. This amount represents almost half of all corporate contributions in 2024.
Major players like Coinbase and Ripple are leading this charge. They have together contributed more than 80% of this total.
Their donations go primarily to a non-partisan super PAC that supports pro-crypto candidates and opposes crypto skeptics. In comparison, Koch Industries, a well-known political spender, has contributed $25 million this year.
This places Koch Industries far behind the crypto sector. Koch-affiliated groups, such as Americans for Prosperity Action, also receive substantial funds. However, their contributions are overshadowed by the crypto influx.
A Historic Shift in Political Spending
The scale of crypto spending in 2024 is unprecedented. Over the past three election cycles, crypto companies have spent $129 million.
This amount makes up 15% of all corporate donations since the Citizens United ruling in 2010. This year alone, crypto’s share of corporate spending has surged to 92%.
The crypto sector now ranks just behind fossil fuel companies in political spending. Fossil fuel companies have spent $176 million over the past 14 years.
Of this, Koch Industries has contributed $73 million. The Fairshake PAC, benefiting from large corporate donations, has received nearly $114 million.
This figure far exceeds contributions from other major outside spenders. Koch-backed Americans for Prosperity Action, for example, has raised around $26 million.
As the 2024 elections approach, the influence of crypto money is becoming clearer. This shift highlights the crypto industry’s new role in American political finance.
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