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.