Coinbase and Ripple Lead Crypto Donations for 2024 US Election, Shaping Election Outcome with $100M in Political Spending
- WBOYOriginal
- 2024-08-23 06:33:22615browse
YEREVAN (CoinChapter.com) — Coinbase and Ripple are leading the charge in political spending for the 2024 US election.
Coinbase and Ripple are leading the charge in political spending for the 2024 US election, together contributing over $100 million to super political action committees (PACs) backing candidates who favor crypto-friendly regulations.
A report released by Public Citizen on Wednesday highlighted this level of spending by crypto companies, which could influence lawmakers to weaken regulations, potentially affecting consumer protection.
“Coinbase and Ripple alone have poured around $99 million into influencing the election,” highlighted Public Citizen’s research director, Rick Claypool.
Coinbase, the largest crypto exchange in the US, recently added $25 million to Fairshake PAC. This brings the PAC’s total to $160 million, making it one of the most influential in the 2024 election cycle.
Fairshake PAC Dominates Crypto Donations with $202.9M, Led by Coinbase and Ripple
Fairshake PAC has emerged as the biggest recipient of these crypto donations. The PAC has secured $202.9 million in total contributions, with over half—$107.9 million—coming directly from Coinbase, Ripple, and similar companies.
This funding positions Fairshake PAC as a key player in the upcoming election. Other notable contributors from the crypto industry include Andreessen Horowitz, with $44 million, and the Winklevoss twins, who donated $5 million. Coinbase CEO Brian Armstrong also contributed $1 million.
Additionally, Jump Crypto gave $15 million to Fairshake PAC, while Payward Inc. and Circle Internet Financial each donated $1 million.
Earlier this week, Ron Conway, a prominent Democratic donor, cut ties with Fairshake PAC after learning about a $12 million pledge to defeat Sen. Sherrod Brown (D-OH), a move Conway did not support.
Crypto’s Election Influence Grows After Citizens United Ruling
The Public Citizen report also examines the growing impact of crypto contributions in US elections. Since the 2010 Supreme Court decision in Citizens United v. Federal Election Commission, which allowed unlimited corporate contributions, the crypto industry has contributed $129 million across three election cycles.
This represents 15% of the $884 million in total corporate contributions since the ruling. In 2020, FTX founder Sam Bankman-Fried’s Alameda Research contributed $5.2 million to Future Forward, a PAC supporting Biden-Harris. By 2024, Coinbase had become the second-largest corporate spender in federal elections, second only to Koch Industries.
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