Key Takeaways:
- Coinbase and Ripple have contributed over $100 million to influence the 2024 US election.
- Fairshake PAC has received $202.9 million, with over half from Coinbase and Ripple.
- Crypto donations are shaping election outcomes, raising concerns about regulatory impacts.
YEREVAN (CoinChapter.com) — Coinbase and Ripple are leading the charge in political spending for the 2024 US election. Together, these crypto companies have contributed over $100 million to super political action committees (PACs) backing candidates who favor crypto-friendly regulations. According to a report released by Public Citizen on Wednesday, this level of spending by crypto companies could influence lawmakers to weaken regulations, potentially affecting consumer protection.
Public Citizen’s research director, Rick Claypool, highlighted the influence of these contributions, noting that Coinbase and Ripple alone have poured around $99 million into shaping the election outcome.
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.
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.
Major Crypto Players and Donors Fuel Fairshake PAC, Ron Conway Cuts Ties Over $12M Pledge
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.
