Republican

2024

United

Fossil

<ul>
 <li>Crypto corporations contributed $119 million to 2024 U.S. elections, representing 48% of all corporate political spending.</li>  
 <li>Ripple donated $1 million to unseat Senator Warren, with executives personally supporting GOP candidate John Deaton.</li>  
 <li>Fairshake PAC, backed by Ripple and Coinbase, raised $150 million to support pro-crypto candidates in 2024.</li> 
</ul>  
<p>In 2024, cryptocurrency firms emerged as the greatest contributors to US federal elections, donating $119 million. Their purpose is to support crypto-friendly candidates and oppose those who oppose cryptocurrencies. The figure accounts for 48% of all corporate political donations this year.</p>  
<h2 class="wp-block-heading" id="h-crypto-contributions-surpasses-koch-industries"><strong>Crypto Contributions Surpasses Koch Industries</strong></h2>  
<p>Traditional corporate donors, such as <a href="https://www.kochinc.com/" target="_blank" rel="noopener noreferrer nofollow">Koch Industries</a>, which is known for its significant political spending, are now exceeded by cryptocurrency corporations. Koch Industries gave $25 million to Americans for Prosperity Action and another $3.25 million to Republican congressional candidates. This is much lower than crypto-backed contributions.</p>  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdiWyNHPhpQN-8Sem4C7A6_U3f23H6AYUmqHopMSHPY8iTZIOvCxTobSctdmEUR-L40SWT-q9lJhtqjueFzQAoJ5Yk9J1E1BZxAzV3_LwXvjB8mXTcRB9EDAdeOUrmlxyBOI7uy_9WVS416HBZn8aNBxLQF?key=wCEPePjqT6HtZMmgJVfjpA" alt="">
</figure>  
<h2 class="wp-block-heading" id="h-impact-of-citizens-united-decision"><strong>Impact of Citizens United Decision</strong></h2>  
<p>Since the <a href="https://www.fec.gov/legal-resources/court-cases/citizens-united-v-fec/" target="_blank" rel="noopener noreferrer nofollow">2010 Citizens United ruling</a>, corporate donations have significantly increased. Crypto firms, benefitting from this decision, have contributed $129 million over the past 14 years. Most of their spending (92%) occurred in 2024 alone, showcasing their growing influence.</p>  
<h2 class="wp-block-heading" id="h-fossil-fuel-companies-remain-strong"><strong>Fossil Fuel Companies Remain Strong</strong></h2>  
<p>Although crypto companies have seen a surge in political donations, fossil fuel corporations remain influential. They have spent $176 million since 2010, with Koch Industries playing a key role. However, crypto donations are quickly catching up and may soon surpass these figures.</p>  
<h2 class="wp-block-heading" id="h-notable-contributions"><strong>Notable Contributions</strong></h2>  
<p>One of the most significant donations to the elections came from Ripple, which contributed $1 million to unseat Senator Elizabeth Warren, a known crypto critic. Ripple’s executives have also personally donated to John Deaton’s campaign, who is challenging Warren for her Senate seat.</p>  
<p>Another notable example is the Winklevoss Twins from Gemini, <a href="https://cryptonewsland.com/tyler-winklevoss-fuels-senate-campaign-with-major-crypto-donation/" target="_blank" rel="noopener noreferrer nofollow">who donated $6,600 </a>each to support Deaton. Additionally, the Fairshake PAC has raised $150 million from firms like <a href="https://cryptonewsland.com/ripples-25m-donation-boosts-fairshake-pacs-crypto-advocacy-in-2024/" target="_blank" rel="noopener noreferrer nofollow">Ripple and Coinbase</a>, aiming to back pro-crypto candidates.</p>  
<p>Crypto corporations’ 2024 political spending reflects their intention to shape the regulatory environment. Their growing contributions could redefine future U.S. policy decisions, particularly concerning cryptocurrency regulation.</p> 
<p>The post <a href="https://cryptonewsland.com/crypto-giants-dominate-2024-political-spending/" rel="noopener noreferrer nofollow">Crypto Giants Dominate 2024 Political Spending with $119M in Contributions</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Crypto Giants Dominate 2024 Political Spending with $119M in Contributions

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