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Crypto has heavily invested in the next US congressional elections. According to watchdog group Public Citizen, it's an "unprecedented" spending spree—apparently, they’ve got their eyes on having a say across governance and regulatory say when it comes to industry matters.
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It is the executives and top leadership in crypto that are making it rain in politics, with $119 million splashed on this election alone—no wonder they’re the top spenders this year. To put it in perspective, they’ve dropped a total of $129 million over the last three election cycles.
You wouldn’t be wrong to say the wallets are widely open to buy some political influence!
Since 2010, when the Supreme Court gave the green light for companies to pour unlimited cash into elections (as long as it’s not directly into candidates' pockets), crypto has been flexing its financial muscles. According to Public Citizen, they’re now the second-biggest spenders, trailing only behind the fossil fuel giants. It’s like a high-stakes poker game, and crypto’s got a pretty hefty stack of chips!
Crypto is definitely making waves in the 2024 elections. Just last month, Republican presidential nominee Donald Trump took the stage at a Bitcoin conference, telling the crowd that if he wins in November, “the rules will be written by people who love your industry, not hate your industry.” Words like these have everyone affirmed that crypto’s getting some serious love on the campaign trail!
NEW: Crypto corporations are dominating political spending, pouring over $119,000,000 into influencing federal elections in 2024 alone.
— Public Citizen (@Public_Citizen) August 21, 2024
That's almost HALF of all corporate money spent this election cycle. https://t.co/79K2UOiEGL
Crypto fans are keeping a close watch on Democratic nominee Kamala Harris, hoping she might hit the reset button on policies after feeling the pinch from Biden’s tough regulators. They're waiting to see if Harris will dial down the heat or keep the pressure on. It’s like waiting for the sequel—will it be a plot twist or more of the same?
But the reset button might have just been pressed! On Wednesday, Bloomberg reported that Harris adviser Brian Nelson—who’s got a bit of a side-eye from some in the crypto world—hinted that Harris is on board with policies that help emerging tech, like crypto, keep growing. It’s a small step, but hey, it’s something!
Public Citizen, which is currently suing Coinbase and Fairshake for allegedly breaking federal election laws, didn’t hold back in its report on crypto’s political spending. They slammed the industry, calling it a “tsunami of corporate crypto cash” and accusing these companies of shamelessly pushing their profit-driven agendas over the public good.
As for Coinbase and Fairshake? They’re keeping quiet—they haven’t yet commented about the allegations.
Crypto ‘Money Talks’
Of the $248 million in corporate cash thrown into elections this year, nearly half came from the crypto world, according to Public Citizen. Since the 2010 Supreme Court’s Citizens United ruling, crypto has accounted for about 15% of all corporate contributions. A big chunk of that—$114 million—landed in the lap of the super PAC Fairshake. And guess where most of Fairshake’s funds came from? Coinbase and Ripple.
Big Crypto’s deep pockets seem to be paying off, Public Citizen notes.
Out of 42 primary races they threw money at, their favored candidates won 36 times. They also credit crypto’s cash for Trump’s sweet talk, Harris’ policy shift, and New York Senator Chuck Schumer’s recent cameo at a pro-crypto town hall.
Public Citizen just released a must-read report on the cryptocurrency industry’s spending this election cycle: https://t.co/PF3klGAxy7
— Molly White (@molly0xFFF) August 21, 2024
Nearly half of all corporate money contributed this cycle has come from cryptocurrency backers! pic.twitter.com/gOUULr3mxP
It has folks convinced that money does talk!
However, Public Citizen highlights that crypto didn't exactly invent the playbook of influencing politicians by rewarding those who toe the line and pressuring those who don’t.
Related: Donald Trump Won’t 'Make Bitcoin Great Again'
However, they added, what’s different here is that no industry has ever so eagerly embraced the strategy of raising huge sums directly from corporations and openly wielding that cash as a carrot or stick to push lawmakers toward their preferred policies.
Kataryna Habeliia
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