The cryptocurrency industry has reached an unprecedented level of influence in the current federal election cycle, contributing a staggering $119 million, which accounts for nearly half of all direct corporate expenditures in these elections, according to a recent report by watchdog group Public Citizen.
The report highlights the crypto sector’s strategic push to shape favorable laws and regulations by backing pro-crypto candidates. This influx of spending is aimed at establishing clearer and more lenient rules to mitigate the existing uncertainty surrounding cryptocurrency regulation.
Coinbase and Ripple Drive Fairshake PAC with $107.9M in Contributions
A significant portion of this funding—$107.9 million—has been funneled into Fairshake PAC, a super PAC dedicated to supporting candidates who advocate for cryptocurrency interests. In total, Fairshake PAC has raised $202.9 million this year, with major contributions coming from industry giants such as Coinbase and Ripple.
Additional funding has been sourced from prominent figures in the crypto world, including $44 million from Andreessen Horowitz’s founders, $5 million from the Winklevoss twins, and $1 million from Coinbase CEO Brian Armstrong. Notably, the financial backing from Coinbase and Ripple constitutes more than half of Fairshake’s total contributions, marking an unprecedented level of corporate spending in election history.
Crypto Companies Emerge as Major Political Contributors, Second Only to Fossil Fuel Industry
The report also reveals that, over the past three election cycles, cryptocurrency firms have accounted for 15% of all corporate donations. This surge in political spending places the crypto industry just behind the fossil fuel sector, which has contributed $176 million over the past 14 years. Notable among these is Koch Industries, with a $73 million contribution, much of which supported the Tea Party Republicans during the Obama administration.
The study focuses exclusively on donations made by corporations to super PACs and hybrid PACs, which are required to report their contributions to the Federal Election Commission. This level of corporate investment in the political arena underscores the growing influence of the cryptocurrency industry as it seeks to shape the future regulatory landscape.
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