The second-ranked crypto corporations in election-related expenditures are now just behind fossil fuel companies.
A recent watchdog report indicates that crypto companies have contributed nearly half of all direct corporate expenditures in the current federal election cycle, a remarkable sum.
The industry has contributed $119 million out of the $248 million that corporations have spent directly in this election cycle thus far, according to Public Citizen, a consumer-rights advocacy group.
The industry is increasingly seeking to support candidates who are pro-crypto in order to influence laws and regulations that are favorable to its development. The objective is to establish regulations that are either more lenient or provide explicit guidelines, thereby reducing the current level of uncertainty in cryptocurrency regulation.
Fairshake PAC, a super PAC that seeks to endorse candidates who prioritize cryptocurrency interests, has received the preponderance of these funds. Fairshake PAC has amassed $202.9 million this year. Major crypto companies, including Ripple and Coinbase, contributed more than $107.9 million.
Additionally, venture capitalists and affluent executives in the crypto sector are the primary sources of the remaining funds. This comprised $44 million from the founders of Andreessen Horowitz, $5 million from the Winklevoss twins, and $1 million from Brian Armstrong, the CEO of Coinbase.
Coinbase and Ripple were among the corporations that contributed over half of Fairshake’s financial support. This accounted for 53% of the total, which was $107.9 million.
Public Citizen observed that corporate expenditures on elections of this magnitude have never been observed before.
In addition, the report indicates that cryptocurrency firms have contributed 15% of all corporate contributions over the past three election cycles.
The total donations recorded since the 2010 Supreme Court decision that permitted unlimited contributions to super PACs are the basis for this percentage. It is prohibited for these entities to engage in direct coordination with the campaigns of candidates.
Crypto companies are currently second in terms of election expenditure to fossil fuel titans. Fossil fuel companies have allocated $176 million over the past 14 years. Koch Industries is particularly noteworthy for its $73 contribution. A substantial number of individuals endorsed Americans for Prosperity, an organization that provided substantial support to Tea Party Republicans during Obama’s presidency.
The research exclusively investigates the contributions that corporations make to hybrid PACs and super PACs. Reporting contributions to the Federal Election Commission is mandatory for these organizations.
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