The U.S. consumer advocacy organization, Public Citizen, has released a report detailing how money from cryptocurrency companies could influence the 2024 U.S. elections.
According to a report by Cointelegraph on Friday, August 23, 2024, Public Citizen’s August 21 report highlighted that crypto companies have spent approximately $119 million, to influence federal elections, primarily through contributions to super political action committees (PACs) such as Fairshake.
The advocacy group reported that about 48 percent of the $248 million in corporate funds used in the 2024 U.S. elections came from crypto supporters, particularly Coinbase and Ripple.
Notably, Public Citizen’s research, based on filings with the Federal Election Commission (FEC), revealed that contributions from crypto companies far exceeded those from the influential Koch Industries. The company has been known for donations to many right-wing politicians under the direction of CEO Charles Koch and previously his late brother, David Koch.
According to Public Citizen, around $108 million in funding for Fairshake came directly from companies that stand to benefit from the PAC’s efforts, including Coinbase, Ripple, Gemini founders Cameron and Tyler Winklevoss, and Coinbase CEO Brian Armstrong.
Despite a judge’s ruling against Ripple in August in its case with the U.S. Securities and Exchange Commission, Coinbase remains entangled in legal proceedings with the same regulator.