A report by the public advocacy group Public Citizen reveals a remarkable stat about political fundraising in 2024: Nearly half of all the money donated by corporations has come from cryptocurrency companies. That $119 million, mostly from the companies Coinbase and Ripple, has a unique quality: It is funneled to candidates of both parties, as long as they are pro-crypto. Most of the money goes to a super PAC called Fairshake, which then distributes it to candidates of its choice. Fairshake, for example, recently promised to funnel $25 million to 18 House candidates, nine from each party. This kind of funding is a result of the 2010 Citizens United Supreme Court case allowing corporations to spend as much as they'd like to influence elections, provided the money go to Super PACs, not directly to candidates.
Since Citizens United, "crypto corporations are now second in total election-related spending, trailing only fossil fuel corporations," writes Rick Claypool. Yes, corporations have been trying to influence politics for as long as corporations have existed, but the crypto spending "is unprecedented," reads the story. The result? "Candidates are clamoring to demonstrate their willingness to pander to crypto corporations, and sitting lawmakers are backing off tough policy stances," writes Claypool, who warns that crypto influence has the potential to affect control of the House and Senate. Even on the presidential level, the piece notes that Donald Trump has recently rebranded himself as pro-crypto and Kamala Harris has reached out to crypto firms for a "reset." Read the full story. (Or check out other longform recaps.)
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