Ahead of the 2024 U.S. elections, cryptocurrency firms have emerged as major political players, funnelling millions into federal races and potentially swaying the balance of power in Congress.
According to a recent report by consumer advocacy group Public Citizen, nearly half of all corporate political donations this year—around 48%—have come from crypto-related sources, with top contributors including industry titans like Coinbase and Ripple.
Public Citizen’s analysis of Federal Election Commission filings reveals that cryptocurrency firms have contributed an estimated $119 million to influence elections, primarily through super political action committees (PACs) such as Fairshake.
This figure eclipses donations from traditionally influential entities like Koch Industries, signalling a significant shift in the political landscape.
The report highlights the unprecedented rise of Fairshake, which, despite its newcomer status, has quickly become a dominant force in political fundraising.
“Fairshake’s corporate backing is unprecedented,” notes Public Citizen, underscoring the PAC’s influence, particularly in races where the outcome could hinge on crypto industry support.
With Congress evenly split between Democrats and Republicans, the 2024 elections are expected to be some of the most competitive in recent history.
The crypto sector’s substantial contributions to PACs like Fairshake could be decisive in tipping the balance of power.
Already, 36 out of 42 candidates backed by crypto PACs have won their primaries, a trend that may continue as the general election approaches.
As the battle for control of the Senate and House heats up, states like Ohio and Montana are emerging as key battlegrounds.
In Ohio, Fairshake has pledged $12 million to support Republican Bernie Moreno against incumbent Democrat Sherrod Brown.
Similarly, Montana’s Democratic Senator Jon Tester is facing a tough reelection fight, with crypto-backed PACs ready to invest heavily in the race.
