A report by Public Citizen reveals that cryptocurrency companies have allocated a whopping $119 million, equivalent to around IDR 1.8 trillion, to influence the outcome of the 2024 United States presidential election.
Released on August 21, the report from Public Citizen shows that approximately 48% of the total $248 million or IDR 3.8 trillion used in the election comes from cryptocurrency companies.
Much of this funding has been channeled through contributions to U.S. Political Action Committees (PACs), such as Fairshake PAC.
Coinbase and Ripple Lead Crypto Sector Contributions
In a post on X, Rick Claypool, Director of Research at Public Citizen, revealed that the two primary contributors from the crypto sector, Coinbase and Ripple, have poured in about $99 million to sway the 2024 U.S. election.
“The biggest of the Big Crypto corporate money donors are Coinbase and Ripple, which together have dumped about $99 million into buying influence over the 2024 elections,” Claypool noted.
Additional large contributions come from Andreessen Horowitz founders, who donated $44 million, the Winklevoss twins with $5 million, and Coinbase CEO Brian Armstrong with $1 million. Jump Crypto contributed $15 million to Fairshake PAC, while Payward Inc. and Circle Internet Financial each added $1 million.
The impact of these contributions is evident, with candidates supported by the crypto industry winning 36 out of 42 primary elections influenced by PACs backed by the sector.
Public Citizen warns that these substantial donations from crypto companies could sway legislators to ease regulations, which might endanger consumers while benefiting “Big Crypto,” or those with significant influence in the industry.
Currently, cryptocurrency companies are recognized as major political donors. Since 2010, their contributions have reached $129 million, accounting for about 15% of total corporate political spending of $884 million. Their financial influence ranks just below that of the fossil fuel industry in terms of spending related to U.S. elections.
Presidential Candidates Aim to Boost Crypto Industry in the U.S.
In a related development, U.S. Republican presidential candidate Donald Trump recently appeared at the Bitcoin 2024 Conference in Nashville, promising that if elected in November, he would create cryptocurrency regulations crafted by those who love the industry, not those who hate it.
On the other hand, crypto supporters are also placing their hopes on Democratic presidential candidate Kamala Harris, expecting a shift in policy following the strong pressure from regulators under the current administration of President Joe Biden.
Early signs of this change have already surfaced, with Harris’s advisor, Brian Nelson, telling Bloomberg that Harris would “support policies that ensure new technologies and related industries can continue to thrive.”
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