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Molly White

Public Citizen just released a must-read report on the cryptocurrency industry’s spending this election cycle: citizen.org/article/big-crypto

Nearly half of all corporate money contributed this cycle has come from cryptocurrency backers!

Key Findings In 2024, crypto corporations have poured over $119 million directly into influencing federal elections, primarily into a non-partisan super PAC dedicated to electing pro-crypto candidates and defeating crypto skeptics. Crypto corporations are by far the dominant corporate political spenders in 2024 as nearly half (48%) of all corporate money contributed during this year’s elections ($248 million so far) came from crypto backers. Koch Industries is a distant second place in 2024. The privately held conglomerate owned by Charles and, formerly, the late David Koch, contributed $25 million to its Koch-controlled Americans for Prosperity Action and $3.25 million toward electing Republicans to Congress. Direct corporate election spending at this scale is unprecedented. Crypto corporations’ total spending in the past three election cycles – $129 million – already amounts to 15% of all known corporate contributions since the Supreme Court’s 2010 ruling in Citizens United, which total $884 million. 92% of the corporate crypto spending is from 2024. Since Citizens United, the crypto corporations are now second in total election-related spending, trailing only fossil fuel corporations, which have spent $176 million over the past 14 years, including $73 million from Koch Industries. The crypto sector’s Fairshake PAC and its affiliates have received nearly $114 million directly from corporate backers, far more than any other outside spender this cycle.
Koch-backed Americans for Prosperity Action, a hybrid PAC, is a distant second, having received nearly $26 million, primarily from Koch Industries. Fairshake’s corporate backing is unprecedented. Though unlimited corporate contributions have been enabled since 2010 by Citizens United, this newcomer is already second only to the super PAC dedicated to electing Republicans to the U.S. Senate in terms of corporate money received. That super PAC, the Senate Leadership Fund, has received nearly $119 million directly from corporations over the past 14 years, largely from fossil fuel corporations but including many other sectors, including crypto, tobacco, and for-profit prisons.
#crypto#cryptocurrency#USpol
Aug 21, 2024, 03:42 PM·Public·Web
202boosts·185favorites
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Fifi Lamoura

@molly0xfff It's almost like you can tell how corrupt an industry is by how much money it funnels into super PACs....

Public
Glenn

@molly0xfff I wonder how much of that money is coming from crypto investors without their knowledge.

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drukac

@molly0xfff
What is their end goal? Is it deregulation (i.e. no prosecution) or maybe even that crypto reserve Trump promised (infinite bailout against crashes)?

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Molly White

@drukac yes, deregulation mostly. one of the biggest goals is seeing much of the cryptocurrency removed from the SEC’s jurisdiction and placed under the CFTC (a smaller agency with fewer resources)

Public
Dr Colin Jacobs

@molly0xfff Clearly they've realised the only way to keep the grift going is to have a gullible and malleable president, and are going all out to make sure that happens.

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