Crypto Industry Dominates 2024 Election Spending

In 2024, cryptocurrency firms have become the dominant force in U.S. federal election spending, contributing over $119 million—nearly half of all corporate donations this election cycle, according to a report by Public Citizen. This unprecedented spending, which has primarily gone to the super PAC Fairshake, dwarfs contributions from traditional corporate giants like Koch Industries, which contributed only $28.25 million. The report highlights that crypto companies have influenced 36 out of 42 races where their PACs intervened, raising concerns that their financial clout could undermine consumer protections. As political attitudes shift, even former skeptics like Donald Trump have embraced crypto, declaring himself a 'crypto candidate.' This surge in political spending raises significant implications following the Supreme Court's Citizens United ruling that allowed unlimited contributions to super PACs. Public Citizen warns that the trend may set a precedent for more extensive corporate influence in future elections.