Crypto companies are throwing a ton of cash into the 2024 US elections. They’ve already spent a whopping $119 million, almost half of all corporate contributions!
Crypto Companies Leading the Charge
Companies like Coinbase and Ripple are leading the way, pouring money into super PACs that support pro-crypto politicians and try to silence critics. This spending is raising concerns about the influence of money in politics.
Crypto’s Dominance in Political Spending
Crypto companies have become the biggest spenders in political campaigns, even surpassing giants like Koch Industries. Since 2010, when corporations were allowed to donate unlimited amounts, crypto companies have contributed 15% of all corporate political spending. This year alone, they’ve contributed 92% of that total!
A Strategic Move by the Crypto Industry
This massive spending isn’t just a coincidence. It’s a strategic move by the crypto industry to shape the political landscape around digital assets. As one expert put it, “The only reason crypto is a campaign issue this year is that crypto firms are spending huge amounts to make themselves impossible to ignore.”
The Impact of Crypto Spending
This spending has huge implications. Crypto-friendly candidates are more likely to win, which could lead to changes in regulations that benefit the industry.
Different Approaches from the Candidates
Former President Trump has already promised to make the industry’s friends, not its enemies, write the rules. On the Democratic side, Kamala Harris’ advisors have hinted at policies that would help the crypto industry thrive.
The Future of Crypto in Politics
This massive spending by the crypto industry is just the beginning. Other industries will likely follow suit, using their financial power to influence elections and shape policies. The future of politics may be defined by the power of the purse.
