🌅 How Much Crypto Spends on Politics

SOURCE

Public Citizen

WHAT TO KNOW

• The crypto sector dominated political contributions last cycle, representing 44% of all corporate money that flowed to politicians ahead of election day. Through a collection of political action committees—most notably Fairshake, Protect Progress, and Defend American Jobs—the industry spent at least $119 million on candidates from both parties (other data puts the figure north of $130 million), ultimately winning 53 of 58 races.

WHY IT MATTERS

• The crypto industry has spent an unprecedented amount of money on politics in recent years, contributing $129 million in the past three election cycles alone. That figure represents 15% of all known corporate contributions since 2010, trailing only the fossil fuel industry, which has spent $176 million over the past 14 years. Fairshake alone has received $114 million in corporate backing since its launch in 2023, second only to the super PAC dedicated to electing Republicans to the U.S. Senate (the Senate Leadership Fund), which has brought in $119 million since 2010.

CONNECT THE DOTS

• The amount of corporate money in American politics today can be traced back to a 2010 Supreme Court decision best known as Citizens United. In a 5-4 ruling, the Court struck down bipartisan campaign finance restrictions as a violation of the First Amendment, enabling corporations and special interest groups to spend unlimited amounts of money to influence elections, and ushering in a new era of unrepresentative politics.