Crypto Industry's $119M Spending, 48% of Corporate Contributions, Dominates 2024 Election Cycle

Aug 21, 2024, 08:29 PM

The cryptocurrency industry has significantly increased its political spending in the 2024 U.S. election cycle, contributing over $119 million. This amount represents nearly 48% of all corporate contributions, marking an unprecedented level of influence by crypto companies in federal elections. Watchdog group Public Citizen highlighted this surge in spending, which is aimed at influencing election outcomes. Major crypto firms like Coinbase and Ripple are among the contributors. The industry's spending now accounts for 15% of all corporate contributions since 2010, indicating a strategic push to gain political support, particularly from the Democratic Party.