Cryptocurrency companies have spent a whopping $119 million on campaigns across the political landscape for the 2024 US elections. That’s nearly half of all corporate contributions to this election, which totals nearly $250 million.

Companies like Coinbase and Ripple are leading the way, spending massive sums in super PACs to push the candidacies of pro-crypto politicians while undermining skeptics. This spending spree has raised eyebrows and concerns about the influence of money in politics.

US Elections: The Rise in Crypto Spending

Public Citizen’s report finds that the crypto sector has become so dominant in corporate political spending that it’s even eclipsing the spending of seasoned heavyweights like Koch Industries.

Data Source: OpenSecrets.org

Since the Citizens United ruling in 2010, which allowed unlimited corporate contributions, 15% of all corporate political spending has come from crypto companies. And 92% of that came this year.

Nearly $114 million has gone to Fairshake PAC, the super PAC dedicated to pro-crypto initiatives this cycle. That’s more than any other corporate fund recipient.

Data source: OpenSecrets.org. Chart: Public Citizen

It’s not happening by accident; it’s part of a strategic effort by the crypto industry to shape the political narrative around digital assets. As Public Citizen’s research director Rick Claypool put it, “The only reason crypto is a campaign issue this year is because crypto companies are spending enormous amounts of money to make themselves impossible to ignore.”

The spending is seen as the industry’s best effort to enforce regulations while deflecting near-daily warnings about dangers from senators like Elizabeth Warren and Sherrod Brown.

Political implications

And the implications of this spending are huge. With so much financial support, crypto-friendly candidates are more likely to win, which could change the policies that govern the industry.

The former president already has a soft spot for this crypto narrative, with Donald Trump promising that if he is the one standing up (and he is), the rules will be made by the friends of the industry, not those who are destroying it.

On the Democratic side, there are signs of a potential policy shift, especially if Kamala Harris is the nominee. Her advisers have pointed to policies that would allow the crypto industry to flourish, a shift that many in the crypto community have been seeking.

Future perspective

The cryptocurrency industry’s spending will set the roadmap of what will happen in the upcoming elections. With the follow-up by other industries, policies will eventually be changed overnight, with the others using their financial power to set their hearts on their chosen political prophecy.

Main image of The Banker, chart from TradingView