Crypto Companies Invest $119M in 2024 U.S. Election Race

by Giorgi Kostiuk

2 years ago

Made with AI

Massive Crypto Company Investments
Funding Through Super PACs
Impact on Election Outcomes

Crypto companies, such as Coinbase and Ripple, are actively participating in the 2024 U.S. elections by investing large sums of money to support their candidates.

Massive Crypto Company Investments

Currently, companies like Coinbase and Ripple have invested over $119 million in an attempt to ensure their candidates win. These investments are aimed at supporting politicians who are pro-crypto.

Funding Through Super PACs

Most donations are funneled into so-called super PACs (Political Action Committees) that exist to back pro-crypto politicians and oppose their adversaries. For instance, the Fairshake PAC has raised $202.9 million, with more than half coming from crypto companies. Big-time venture capitalists and known figures in the crypto industry are also involved. Among them are Andreessen Horowitz's founders, who donated $44 million, the Winklevoss twins with $5 million, and Coinbase CEO Brian Armstrong, who contributed $1 million.

Money moves the needle. For better or worse, that's how our system works.Brian Armstrong

Impact on Election Outcomes

Since the Citizens United ruling, super PACs have become a popular method of election funding. Over the past decade, 25 of the wealthiest individuals have contributed $1.4 billion to support their candidates through super PACs. In the last three election cycles alone, crypto companies have contributed $129 million, accounting for 15% of all corporate contributions since 2010. This strategy seems to be paying off: out of 42 primary elections where crypto-backed super PACs got involved, they won 36. Legislative changes are also occurring: 71 Democrats supported a bill to transfer crypto regulation from the SEC to the CFTC, against the Biden administration's stance. Donald Trump, who was previously skeptical about crypto, now claims he'll make the U.S. the 'crypto capital of the planet,' and Kamala Harris and Chuck Schumer are also showing support for the crypto industry.

Crypto companies are actively changing the U.S. political landscape by using their resources to support candidates and shift legislation in their favor. Their influence on the upcoming elections continues to grow.

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