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Report: Nearly half of corporate election spending in the 2024 US election cycle comes from crypto companies

Report: Nearly half of corporate election spending in the 2024 US election cycle comes from crypto companies

CointimeCointime2024/08/22 01:24
By:Cointime

According to a report released on Wednesday by Public Citizen, a corporate accountability organization, nearly half of all corporate political donations during the 2024 election cycle will come from cryptocurrency companies. The report, based on data from government transparency group OpenSecrets, found that so far, 48% of corporate election spending has come from cryptocurrency firms like Ripple and Coinbase. The majority of these donations flow into cryptocurrency-friendly political action committees (PACs) like Fairshake. The report notes that of the $203 million raised by Fairshake, $107.9 million came directly from cryptocurrency companies, with the rest coming from prominent figures in the tech and cryptocurrency industries, including major donations from the Winklevoss brothers and Coinbase CEO Brian Armstrong. Rick Claypool, author of the Public Citizen report and research director, described political spending by the cryptocurrency industry as "unprecedented." Direct spending by cryptocurrency firms in the past three election cycles totaled $129 million, or 15% of all known corporate donations since 2010. Only the fossil fuel industry has spent more than cryptocurrency companies, donating $162 million to fossil fuel-friendly politicians over the past 14 years. (CoinDesk)

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