The crypto industry has poured over $119 million into shaping the 2024 U.S. elections, aiming to create a more favorable political environment for pro-crypto policies, according to a recent Public Citizen study.
Leading the charge, Coinbase, the largest registered crypto exchange in the U.S., has invested over $50 million in key races and pro-crypto political action committees (PACs) this election cycle. “The biggest of the Big Crypto corporate money donors are Coinbase and Ripple, which together have dumped about $99 million into buying influence over the 2024 elections,” said Rick Claypool, research director at Public Citizen.
Ripple, headquartered in San Francisco, has contributed $49 million to crypto PACs, pushing for pro-crypto regulation. Ripple President Monica Long expressed frustration with the U.S.’s slow progress on setting clear rules, stating that the current strategy of regulating through enforcement is “really unproductive and not getting us anywhere.”
Since the landmark 2010 Citizens United decision, independent political spending on elections has surged, with pro-crypto groups particularly leveraging super PACs to support industry-friendly candidates. According to Open Secrets, independent spending jumped from $750 million in 2010 to $4.5 billion and has continued to grow, with super PACs raising over $102 million this year alone to back the crypto industry.
“Money moves the needle,” Coinbase CEO Brian Armstrong told Axios. “For better or worse, that’s how our system works.”
