Major crypto companies donated the largest share of $248 million ahead of the US presidential election in November.
Coinbase and Ripple are leading the charge, investing heavily in super political action committees and supporting candidates who support favorable crypto regulation. Citizen report.
The report released on Wednesday warned that large crypto donations could influence lawmakers to weaken regulations, which could put consumers at risk when using “Big Crypto”. According to the report, 48% of this year's $248 million was contributed by large crypto companies.
According to Rick Claypool, Director of Research at Public Citizen, “The biggest donors of big crypto corporate money are Coinbase and Ripple. He tweeted. Wednesday.
Fairshake PAC Safe Of the $202.9 million, more than half—$107.9 million—came directly from organizations like Coinbase and Ripple, making it the primary beneficiary of corporate crypto contributions.
Ripple and Coinbase did not immediately return a request for comment. An attempt was made to contact the public citizen.
Other major contributions came from founders Andreessen Horowitz with $44 million, the Winklevoss twins with $5 million, and Coinbase CEO Brian Armstrong with $1 million.
Leap Crypto Adds $15 Million to Faircheck PAC, Payward Inc. and Circle Internet Financial contributed $1 million each.
Earlier this week, prominent Democratic donor and tech billionaire Ron Conway cut ties with a network of crypto super PACs, including Faircheck, after inadvertently pledging $12 million to defeat Sen. Sherrod Brown (D-OH).
Conway's decision to step away from those PACs on Monday speaks to a larger divide in the crypto community over their decisions to support right-wing conservatives, including donating millions of dollars to former President Donald Trump's campaign.
Certainly, analyzing corporate contributions from 2010 to election spending by 2024 shows the crypto sector's impressive growth.
In 2010, the US Supreme Court Decision Citizens United and the Federal Election Commission have opened the floodgates to corporate spending during elections.
The ruling allows corporations to funnel unlimited money to super PACs and other independent groups as long as they don't directly cooperate with candidate campaigns.
Crypto corporations are the biggest beneficiaries of this decision, contributing $129 million over the past three election cycles alone, according to the nonprofit consumer advocacy group.
This figure represents 15 percent of the total $884 million in corporate contributions since the decision was issued.
In the year Following the industry's election interventions, which began in 2020 with FTX founder Sam Bankman-Fried Alameda Research, $5.2 million in the future, supporting the Biden-Harris PAC.
In the year By 2024, Coinbase was the second largest corporate spender in federal elections, behind Koch Industries.
Edited by Sebastian Sinclair.
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