Ripple, Coinbase Lead Charge in $248 million US Election Contribution

Crypto companies and individuals are at the forefront of donating significant funds to the upcoming US election with the aim of achieving favorable regulation for the industry. With $248 million in contributions made to support pro-crypto candidates, crypto corporations are leading the cause as the corporate entities contributing the largest funds to the election.

According to a report by Public Citizen, 48% of all corporate funds contributed to the 2024 US election came from crypto supporters. The news platform, while presenting detailed information on each company and individual, noted that Ripple and Coinbase are leading the effort, with $99 million donated toward the 2024 US election to support pro-crypto candidates.

“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,” Public Citizen researcher Rick Claypool tweeted.

The crypto cash donations were primarily made through Fairshake PAC, a platform dedicated to raising funds for pro-crypto candidates in the 2024 US election. So far, Fairshake PAC has raised $202.9 million.

“More than half of Fairshake’s funding—$107.9 million, or 53%—came directly from corporations that stand to profit from the PAC’s efforts, mostly Coinbase and Ripple,” Public Citizen reported.

The paper further noted that other donations came from venture capitalists and billionaire crypto executives, including the Winklevoss twins, Coinbase CEO Brian Armstrong, and venture capitalist Andreessen Horowitz.

Earlier in June, CNBC reported that Fairshake PAC aims to contribute more than $100 million to support crypto-aligned lawmakers in the House and Senate in the upcoming US general election. CNBC also reported that since the establishment of Fairshake, the organization has so far raised $160 million toward contributions, with about 94% of the total funds linked to four companies: Jump Crypto, Coinbase, Ripple, and Andreessen Horowitz.