Public Citizen published a report detailing how money from cryptocurrency companies could affect the 2024 elections in the US. In a report dated August 21, Public Citizen stated that crypto companies used approximately $119 million to influence federal elections in 2024, mostly through contributions to political action committees (PAC) like Fairshake.
Cryptocurrency in US Presidential Elections
According to the shared report, about 48% of the $248 million in corporate funds used for the 2024 US elections came from crypto supporters, with the largest shares belonging to Coinbase and Ripple. Specifically, Public Citizen’s research on Federal Election Commission (FEC) filings indicated that contributions from crypto companies far exceeded those from Koch Industries. The company, under the direction of CEO Charles Koch and his brother David Koch, was responsible for donating to many right-wing politicians.
According to Public Citizen, approximately $108 million in funds provided to Fairshake came directly from companies that could profit from the PAC’s efforts, including Coinbase, Ripple, Gemini co-founders Cameron and Tyler Winklevoss, and Coinbase CEO Brian Armstrong. Although a judge issued a penalty decision against Ripple in its case with the US Securities and Exchange Commission in August, Coinbase is still involved in legal proceedings with the regulator.
Details on the Subject
Fairshake or its affiliates, Defend American Jobs and Protect Progress PACs, may have influenced significant primary elections in the US ahead of the general election in November. According to Public Citizen, candidates won 36 out of 42 races using attack ads against anti-crypto candidates or media buys supporting pro-crypto candidates.
The US Senate, House of Representatives, and presidential control will be up for grabs in the 2024 elections, with polls indicating that both chambers and the executive branch could swing in favor of either Democrats or Republicans. In many cases, the races are expected to be extremely close, meaning money from outside interest groups could influence undecided voters.
Fairshake planned to spend $12 million to support Republican Bernie Moreno against incumbent Democrat Sherrod Brown in the Ohio Senate race. Montana Senator and Democrat Jon Tester is also running for re-election in Montana, and the crypto Super PAC indicated plans to dip into its war chest.
