Corporate Crypto Donations Dominate 48% Of 2024 Election Funds
Key Points:
- Cryptocurrency backers contributed 48% of all corporate election money in 2024, totalling $248 million.
- The crypto industry has become the second-largest spender on election-related activities, behind only fossil fuel companies.
Corporate Crypto Donations account for 48% of all corporate election money in the 2024 election cycle, totalling $248 million.
According to the latest reports by Public Citizen, corporate crypto donations have surged during the 2024 election cycle. Cryptocurrency backers contributed almost 48% of all corporate money to elections this year, now at $248 million.
Corporate Crypto Donations Make Up 48% in 2024 Election
The crypto industry has directly pumped more than $119 million into federal elections, much of it through a non-partisan super PAC dedicated to electing pro-crypto candidates and defeating crypto skeptics.
Additionally, crypto companies have become the second-biggest spenders on election-related activities, trailing only fossil fuel companies since the Citizens United decision.
Fairshake PAC and affiliates associated with the crypto industry raised nearly $114 million from corporate donors. In contrast, Koch-backed Americans for Prosperity Action received about $26 million, the vast majority from Koch Industries.
Read more: Kamala Harris Proposes 28% Crypto Tax Rate For Wealthy Fairness: BBG
Implications of Crypto’s Political Influence
Those mentioned above come after the industry’s political sway began to surge in 2022 due to FTX CEO Sam Bankman-Fried’s sensational campaign contributions. Bankman-Fried’s spending set an example of how the industry would handle financing politics, taking the form of both disclosed and dark money to both major parties.
With Congress now evenly split, financial influence by the crypto sector in a few races could swing party control. By size and openness, the aggressive strategy is novel to leverage corporate funds for political gain.
Though not particularly new as a tactic, the crypto industry’s wholesale adoption of it may galvanize other sectors to take similar actions, perhaps creating a new model for corporate political influence.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Author
News
Corporate Crypto Donations Dominate 48% Of 2024 Election Funds
Key Points:
- Cryptocurrency backers contributed 48% of all corporate election money in 2024, totalling $248 million.
- The crypto industry has become the second-largest spender on election-related activities, behind only fossil fuel companies.
Corporate Crypto Donations account for 48% of all corporate election money in the 2024 election cycle, totalling $248 million.
According to the latest reports by Public Citizen, corporate crypto donations have surged during the 2024 election cycle. Cryptocurrency backers contributed almost 48% of all corporate money to elections this year, now at $248 million.
Corporate Crypto Donations Make Up 48% in 2024 Election
The crypto industry has directly pumped more than $119 million into federal elections, much of it through a non-partisan super PAC dedicated to electing pro-crypto candidates and defeating crypto skeptics.
Additionally, crypto companies have become the second-biggest spenders on election-related activities, trailing only fossil fuel companies since the Citizens United decision.
Fairshake PAC and affiliates associated with the crypto industry raised nearly $114 million from corporate donors. In contrast, Koch-backed Americans for Prosperity Action received about $26 million, the vast majority from Koch Industries.
Read more: Kamala Harris Proposes 28% Crypto Tax Rate For Wealthy Fairness: BBG
Implications of Crypto’s Political Influence
Those mentioned above come after the industry’s political sway began to surge in 2022 due to FTX CEO Sam Bankman-Fried’s sensational campaign contributions. Bankman-Fried’s spending set an example of how the industry would handle financing politics, taking the form of both disclosed and dark money to both major parties.
With Congress now evenly split, financial influence by the crypto sector in a few races could swing party control. By size and openness, the aggressive strategy is novel to leverage corporate funds for political gain.
Though not particularly new as a tactic, the crypto industry’s wholesale adoption of it may galvanize other sectors to take similar actions, perhaps creating a new model for corporate political influence.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Other Posts
Related Posts
News
Apple and Circle’s Partnership Could Unlock a $15.7 Trillion Opportunity for Ethereum
Crypto Millionaire
Davinci Jeremie Net Worth: The First To Promote Bitcoin Value
News
The Strategic Bitcoin Reserve Bill Is Now Officially Announced With Positive Community Response
Press Releases
Shiba Inu (SHIB) Makes Way For New Cryptocurrency Rival Predicted To 2000x Profits
Latest
Magic Eden Mobile App Expands to Token Swaps with Exciting Update!
New MakerDAO Tokens Were Introduced, DAI and MKR will Remain Available
Exciting PayPal Partnership with Anchorage Digital Unveils Stablecoin Rewards!
Press Release
Launch a Network with Restaked Security in Minutes: Tanssi and Symbiotic Set New Ethereum Standard
Animoca Brands-Backed Soulbound Raises $4 Million for Web3 Social Gaming
