Crypto Companies Lead 2024 Election Finance with $119M Contributions

• Cryptocurrency companies have contributed almost $119 million to the 2024 election, making up nearly half of all corporate donations.
• Major players like Coinbase and Ripple are leading the charge, collectively contributing over 80% of crypto donations.
• The influence of the crypto sector in political finance is surpassing traditional donors like Koch Industries, reshaping the 2024 election landscape.

Cryptocurrency companies have emerged as dominant forces in the 2024 election cycle, contributing nearly $119 million to federal races. This substantial influx of funds from the crypto sector now accounts for almost half of all corporate donations, highlighting the industry’s growing influence in American politics.

Major Players Leading the Charge

Leading this surge are industry giants Coinbase and Ripple, responsible for over 80% of the total crypto contributions. These companies have primarily channeled their funds into a non-partisan super PAC that backs pro-crypto candidates while opposing those skeptical of the industry. In contrast, Koch Industries, a long-standing heavyweight in political finance, has contributed $25 million, far less than the crypto sector.

Reshaping Political Spending

The scale of cryptocurrency spending in this election cycle marks a historic shift in political finance. In 2024 alone, crypto’s share of corporate spending has skyrocketed to 92%. This surge positions the crypto industry just behind fossil fuel companies, which have spent $176 million over the past 14 years, with Koch Industries contributing $73 million of that total.

The Broader Impact on Election Dynamics

This trend signals a significant shift in the power dynamics of political donations, with the crypto sector rapidly becoming a major player. The Fairshake PAC, benefiting from these substantial corporate donations, has received nearly $114 million, dwarfing contributions from other major outside spenders like Americans for Prosperity Action, which raised around $26 million.

As the 2024 elections draw near, the influence of cryptocurrency donations is becoming increasingly evident, marking a new era in political finance where digital currency firms play a pivotal role in shaping the future of American elections.