In 2024, cryptocurrency firms spent more than $119 million to influence federal elections.
The money went primarily to a nonpartisan super PAC called Fairshake, which is dedicated to supporting cryptocurrency candidates and defeating politicians who are skeptical of cryptocurrency.
Nearly half (48%) of corporate political spending to date has come from cryptocurrency supporters, totaling $248 million, marking the crypto industry’s growing role in political donations.
The cryptocurrency industry’s move not only breaks historical records — total spending by cryptocurrency companies over the past three election cycles has reached $129 million, accounting for 15% of all known corporate donations since the 2010 Supreme Court Citizens United ruling — but its scale also shows the determination of crypto companies to shape the policy environment in their favor.
In fact, 92% of corporate cryptocurrency spending occurred in 2024, which is enough to show the specialness of this year.
Compared to fossil fuel companies, which have spent a whopping $176 million over the past 14 years; cryptocurrency companies now rank second in total election-related spending.
Koch Industries, owned by Charles Koch and the late David Koch, donated $25 million to Americans for Prosperity and an additional $3.25 million to Republican members of Congress, but its spending is still far less than the crypto industry.
Although the donation activities of crypto companies have attracted widespread attention, they are all carried out through legal channels and comply with the ruling of the Supreme People's Court on the joint prosecution case.
The ruling allows corporations and wealthy donors to raise and spend unlimited amounts of money as long as they do not coordinate directly with candidates.
This unprecedented phenomenon of direct corporate participation in elections has also triggered social discussions about the balance between corporate influence and democratic values.
Political spending by cryptocurrency companies, while legal, has also drawn attention to the potential influence of corporate money on election outcomes.
The investment of crypto companies in this election is not only a big gamble on their own interests, but also a challenge to the current election financing system.
As these figures are gradually revealed, the public and policymakers will be forced to re-examine the role of corporate money in politics and how to maintain a fair and transparent electoral environment.
