Splits in the US House and Senate coupled with many expected tight elections could allow crypto interest groups to potentially "tip control of Congress one way or the other."
Consumer advocacy organization Public Citizen has released a report detailing how money from cryptocurrency firms may influence the 2024 elections in the United States.
In an Aug. 21 report, Public Citizen said crypto firms in 2024 had used roughly $119 million to influence federal elections, mainly through contributions to Super political action committees (PACs) like Fairshake. According to the advocacy group, roughly 48% of the $248 million of corporate funds used toward US elections in 2024 came from crypto backers — primarily Coinbase and Ripple.
Notably, according to Public Citizen’s research into Federal Election Commission (FEC) filings, contributions from crypto firms far exceeded those from Koch Industries. The firm has been responsible for donating to many right-wing politicians at the direction of CEO Charles Koch and formerly his late brother David Koch.
