Crypto industry accounts for almost half of corporate donations in 2024 election, report says
As the 2024 U.S. elections reach their home stretch, crypto companies are opening their wallets to try and influence the results.
As the 2024 U.S. elections reach their home stretch, crypto companies are opening their wallets to try and influence the results.
Nearly half of all the corporate money flowing into the election has come from the crypto industry, according to a report this week from the nonprofit watchdog group Public Citizen. The sum, approximately $119 million, was raised from a mix of contributors, with Coinbase and Ripple accounting for more than 80% of the donations.
Most of the money is going to super PACs that are backing pro-crypto candidates running for office this year. The industry has faced heightened scrutiny during the Biden administration, and Coinbase and Ripple are two of the biggest players that have been engaged in legal battles with the Securities and Exchange Commission.
Donald Trump, the Republican nominee, has tried to exploit the rift between the crypto industry and the Democrats by pitching himself as the pro-crypto choice and even keynoting a major bitcoin conference in Nashville, Tennessee, last month. But money is flowing into both parties, as the House, Senate and the presidency remain very much up for grabs.
No other sector is keeping up with crypto. That includes oil companies and banks, which have historically been big political contributors.
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