The cryptocurrency industry has reportedly poured a staggering $119 million into the 2024 presidential election, marking a significant escalation of their political influence. This unprecedented investment is aimed at bolstering candidates who support cryptocurrency regulation and defeating those who hold skepticism towards the industry.
According to a report by Public Citizen, a nonprofit consumer advocacy group, the cryptocurrency industry’s spending this year eclipses all previous records, accounting for an astounding 48% of all corporate money invested in the election. This represents a dramatic surge from the mere $5 million poured into the 2020 elections.
Major players in the cryptocurrency industry, notably Coinbase and Ripple, have steered the majority of these funds towards super political action committees (PACs) dedicated to promoting pro-cryptocurrency candidates. The main beneficiary of this massive influx of crypto cash is Fairshake PAC, which has amassed a war chest exceeding $202 million, making it the largest super PAC in this election cycle.
The report emphasizes that the cryptocurrency industry’s total spending across the past three election cycles has ballooned to $129 million, placing it second only to fossil fuel corporations in terms of political spending.
This heavy investment underscores the cryptocurrency industry’s determination to make regulation a key issue for 2024 candidates. Notably, Fairshake PAC has already spent $14.8 million in this year’s elections, with over 90% of it directed against Democratic candidates.
Cryptocurrency has emerged as a major political issue in the upcoming elections, with Republican candidate Donald Trump signaling a more favorable stance towards the industry. Meanwhile, his Democratic rival Kamala Harris has also taken steps to encourage the growth of cryptocurrency in the United States. This heightened political focus on cryptocurrency underscores its increasing relevance and the industry’s ongoing efforts to secure a favorable regulatory landscape.
