PANews reported on May 7 that according to PUBLIC CITIZEN, according to Opensecrets.org data, the cryptocurrency super PAC (PAC) has raised more than $102 million, ranking third among all super PACs involved in the 2024 US election. So far, only the super PAC supporting Ron DeSantis's failed presidential campaign and the super PAC supporting Democratic Senate candidates have raised more money. More than half of the cryptocurrency super PAC's political funds (about $54 million) come from direct corporate spending, mainly Coinbase and Ripple Labs.
Four of the eight corporate crypto super PAC donors have settled or are facing charges from the U.S. Securities and Exchange Commission (SEC) for alleged securities violations. Ripple Labs alone reportedly faces a nearly $2 billion fine, and breaking regulations is one of the stated goals of super PAC backers. The rest of the crypto super PAC’s political funding comes from billionaire crypto executives and venture capitalists, including $11 million each from the founders of venture capital firm Andreessen Horowitz, $5 million from the Winklevoss brothers, and $1 million from Coinbase CEO Brian Armstrong.
Of the six now-concluded 2024 primaries in which the crypto super PAC was involved, only one crypto-backed candidate lost. Eleven primaries that include crypto-backed candidates remain. The crypto super PAC has pledged money to general election Senate races in battleground states such as Ohio and Montana, which are considered critical to securing a Senate majority. Democratic incumbents in both races have been critical of the cryptocurrency industry.
