The cryptocurrency industry has spent around $135 million on supporting over 50 candidates in the 2024 US elections through political action committees (PACs). These candidates include Democrats and Republicans, incumbents, challengers, likely winners, and long-shot candidates. The biggest PAC, Fairshake, has become the largest single-issue Super PAC in US history, with other associated Super PACs, Defend American Jobs and Protect Progress, also being funded by industry giants like Coinbase, Ripple Labs, and Andreessen Horowitz.
The crypto industry’s political influence has now surpassed traditional corporate donors such as Koch Industries and Chevron, and its total political spending ranks second only to the fossil fuel industry since the US Supreme Court lifted limits on corporate political spending in 2010.
