Crypto companies invested $119 million in the US election

Crypto companies are throwing big money into the US presidential election – more than even giant conglomerates. In its latest report, Public Citizen, a progressive non-profit consumer rights group and think tank, revealed that crypto-corporations injected more than $119 million into this year’s US election.

Much of this funding was channeled into a non-partisan super PAC (Political Action Committee) focused on electing pro-crypto candidates and industry skeptics. In comparison, Koch Industries, the second largest private company in the US, ranks second in terms of election contributions. The conglomerate, controlled by Charles Koch and formerly the late David Koch, contributed $25 million to the Americans for Prosperity Action PAC and another $3.25 million to support Republican congressional candidates.

According to the report, crypto-corporations emerged as the dominant corporate political spenders in 2024, contributing nearly half of all corporate donations to this year’s elections. So far, a staggering portion of the $248 million in corporate funding has come from the crypto industry, per Public Citizen.

Why Crypto Industry Donations Soared This Year

Large donations are due crypto is getting more political in this election year. Former President Donald Trump is accepting campaign donations in BitcoinEther, Dogecoin, Solana and others and declared himself a “crypto candidate”. His stance on cryptocurrency represents a significant reversal from a few years ago, when he denounced Bitcoin as “a scam against the US dollar.” Now Trump says he’s ‘good’ with crypto. After that, some Democrats, who historically fear cryptocurrency, are now showing some support, distancing himself from the position of Senator Elizabeth Warren. Meanwhile, Vice President and Democratic presidential candidate Kamala Harris is also catching up with crypto.

As political attitudes towards cryptocurrencies shift, the crypto industry is hoping its fortunes will improve following the election. That’s why people and groups related to crypto companies like Coinbase, Gemini and others contribute millions of dollars to political campaigns and other groups. Cryptobillionaire Sam Bankman-Fried, disappointed he previously donated millions of dollars to Democrats when he was celebrated as a crypto poster boy.

fault United Citizen deciding for it

The 2010 decision of Citizens United v. Federal Election Commission by the US Supreme Court is infamous for removing restrictions on corporate political spending, which led to the rise of super PACs.

Although the ruling specifically addressed Citizens United, the nonprofit organization that initiated the lawsuit, its implications were quickly and indiscriminately extended to for-profit corporations as well. This sweeping interpretation has allowed corporations of all kinds to wield unprecedented influence in political campaigns, fundamentally reshaping the landscape of American elections.

“Those cryptocurrency companies like Coinbase (CURRENCY) and Ripple are able to spend over a hundred million dollars to silence crypto critics and elevate their supporters epitomizes everything that is wrong with the disastrous Supreme Court. Citizens United decision,” Rick Claypool saiddirector of research in the Public Citizen office of the president and author of the report.

“Corporations cannot vote. But the only reason crypto is a hot topic this election cycle is because crypto businesses are spending amazing amounts to make themselves impossible to ignore,” Claypool said.

He also noted in the report that both Coinbase and Ripple are currently battling securities fraud charges brought by the US Securities and Exchange Commission.

Since the Citizens United ruling, crypto-corporations have become the second largest consumer of election-related corporations, behind only fossil fuel companies, according to the report. Over the past 14 years, fossil fuel corporations have spent $176 million, with Koch Industries contributing $73 million.