Cryptocurrency Super PACs Influence 2024 Election with $102 Million War Chest

The cryptocurrency sector is making a significant impact on the 2024 election, with super PACs backed by crypto corporations and executives raising over $102 million. These super PACs are using their financial power to support crypto-friendly candidates and attack opponents who are skeptical of the sector.

Key findings reveal that more than half of the funds raised by crypto super PACs come from direct corporate expenditures, primarily from companies like Coinbase and Ripple Labs. Additionally, some of the top contributors to these super PACs are facing charges by the SEC for alleged violations of securities laws, with Ripple Labs reportedly facing nearly $2 billion in penalties.

The crypto super PACs have pledged to spend in general election Senate races in battleground states like Ohio and Montana, where Democratic incumbents have been critical of the crypto sector. The sector’s goal is to combat regulations and design a regulatory system that meets their specifications.

Overall, the influence of the cryptocurrency sector in the 2024 election highlights the growing trend of corporate interests using their financial power to sway political outcomes. As the election season progresses, the impact of these super PACs on the political landscape is expected to continue to be significant.