Report: Crypto Firms Make Half of Corporate '24 US Election Donations
A report from the advocacy group Public Citizen claims that organizations and companies in the cryptocurrency industry have donated $119M to federal campaigns for the 2024 election, making up 48% of all corporate contributions....
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Facts
- A report from the advocacy group Public Citizen claims that organizations and companies in the cryptocurrency industry have donated $119M to federal campaigns for the 2024 election, making up 48% of all corporate contributions.[1]
- Most of this money went to political action committees (PACs) such as Fairshake, which received support from groups such as crypto exchange Coinbase. Fairshake received $108M in corporate donations, with the PAC having what Public Citizen calls 'unprecedented' corporate backing.[2]
- This year, Fairshake has endorsed an equal number of Democrats and Republicans in House races, nine each, as well as two Democrats and one Republican vying for a Senate seat. Fairshake says it has raised $169M in total this election.[3]
- Money contributed to campaigns this year totals $248M. Americans for Prosperity Action comes in second place when it comes to PACs, with $26M, mostly coming from Koch Industries donations.[1]
- Since a 2010 SCOTUS ruling removed limits for corporate contributions, the crypto industry has been responsible for 15% of all declared political contributions, 90% of that coming this election cycle. Other contributors to Fairshake and its affiliates include Andreessen Horowitz and Jump Crypto.[4]
- Recently, Fairshake has endorsed Republican Bernie Moreno in his bid to unseat incumbent Dem. Sherrod Brown in the Senate race in Ohio. They have also endorsed Democrats Ruben Gallego in the Arizona Senate race and Elissa Slotkin in Michigan.[3][5]
Sources: [1]Public Citizen, [2]Cointelegraph, [3]Axios, [4]CNBC and [5]NBC.
Narratives
- Narrative A, as provided by Ft. The pernicious influence of money in politics continues unabated, as politicians who were once fiercely critical of crypto are now singing its praises once checks have been signed. The crypto lobby wants to evade regulation and continue making money off these speculative assets hand over fist, and are blatantly trying to buy influence on both sides of the aisle. These donations help no one but massive crypto enterprises.
- Narrative B, as provided by Blockworks. Crypto will leave politicians alone once they decide to leave crypto alone. Cryptocurrency was once treated as any other asset before zealous anti-blockchain politicians took the line that the industry should not exist whatsoever and continually demonized it. This is wholly unfair, and crypto leaders are donating to politicians on both sides of the aisle who have proven to be sensible on this vital issue.
