- Impact of Crypto Firms on Elections
- Fairshake Funding and Its Consequences
- Strategies and Congressional Fight
Public Citizen has released a report detailing how funds from cryptocurrency firms may influence the 2024 elections in the United States.
Impact of Crypto Firms on Elections
In an Aug. 21 report, Public Citizen said that crypto firms in 2024 had used roughly $119 million to influence federal elections, mainly through contributions to Super political action committees like Fairshake. According to the advocacy group, roughly 48% of the $248 million of corporate funds used toward US elections in 2024 came from crypto backers, primarily Coinbase and Ripple.
Fairshake Funding and Its Consequences
According to Public Citizen's research, contributions from crypto firms far exceeded those from Koch Industries. About $108 million of funding into Fairshake came 'directly from corporations that stand to profit from the PAC’s efforts,' including Coinbase, Ripple, Gemini co-founders Cameron and Tyler Winklevoss, and Coinbase CEO Brian Armstrong.
Strategies and Congressional Fight
Funding from Fairshake or its affiliates may have already influenced significant primaries in the US ahead of the general election in November. According to Public Citizen, candidates won 36 out of 42 races involving crypto Super PAC money in attack ads against 'anti-crypto' candidates or media buys supporting 'pro-crypto' ones.
The 2024 US elections could be significantly influenced by funds from cryptocurrency firms, potentially affecting control over both the Senate and the House of Representatives.
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