Crypto Firms to Contribute Nearly 50% of Corporate Election Spending in 2024
As to a recent analysis by Public Citizen, a watchdog group, cryptocurrency corporations have contributed over half of all corporate political contributions made in the 2024 U.S. election cycle.
According to the report, these businesses have contributed an incredible $119 million toward the electoral process, out of a total of $248 million in corporate contributions. The crypto industry’s increasing influence in politics is reflected in this large spending.
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💸📊 Crypto firms have donated $119 million to U.S. federal elections this year, making up nearly half of all corporate donations! The pro-crypto PAC FairShake alone has contributed $100 million. 🗳️💥 #BitcoinWorld
— BitcoinWorld Media (@ItsBitcoinWorld) August 22, 2024
Political expenditure in 2024 will be significantly more than in previous years because to the crypto industry’s engagement in the elections.
This year’s donations are primarily going toward supporting politicians who are supportive of the cryptocurrency business, according to a study conducted by Public Citizen. The research analyzed data from the government transparency organization OpenSecrets.
The majority of these donations have gone via super political action committees (PACs) dedicated to electing politicians who support cryptocurrency and defeating those who have doubts about the sector.
A prominent beneficiary of this money is the nonpartisan Fairshake PAC, which has received $203 million in total, with $107.9 million of that amount coming from cryptocurrency corporations.
This PAC is influencing the course of elections by endorsing politicians who are in favour of the expansion and regulation of the cryptocurrency sector.
Brian Armstrong, the CEO of Coinbase, and the Winklevoss twins are among the rich individuals in the IT and cryptocurrency industries who gave the remaining amounts.
Public Citizen’s research director Rick Claypool, who authored the report, called the political expenditure by the cryptocurrency sector “unprecedented.”
During the past three election cycles, $129 million has been spent by cryptocurrency firms; this amounts to 15% of all documented corporate donations since 2010.
That was the year that the Citizens United v. Federal Election Commission decision by the U.S. Supreme Court established the unrestricted ability of corporations to donate to political races via political action committees.
Watchdog group @Public_Citizen found that 48% of all corporate election spending in the 2024 election cycle came from crypto companies like @Coinbase and @Ripple.@cheyenneligon reportshttps://t.co/q5IrywyiNI
— CoinDesk (@CoinDesk) August 21, 2024
According to the analysis, over the past 14 years, lawmakers that favour fossil fuels have received $162 million in political contributions; since 2010, only the fossil fuel business has spent more than cryptocurrency firms.
Public Citizen’s analysis highlights the increasing political influence of the bitcoin sector in the US. Crypto businesses will account for over half of all corporate election spending in 2024, demonstrating their commitment to influencing politics.
With the increasing popularity of candidates backed by the cryptocurrency industry, this financial inflow is probably going to have a long-term effect on American politics.
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