In the unfolding 2024 election cycle, the cryptocurrency industry has emerged as a formidable force in corporate political contributions, accounting for nearly half of all such spending, as revealed by a recent report from the corporate influence watchdog, Public Citizen.

Based on meticulous data analysis from OpenSecrets, a government transparency group, the report highlights that 48% of corporate election spending thus far originates from cryptocurrency giants like Ripple and Coinbase. This equates to an eye-popping $119 million out of a total $248 million in corporate donations.

The lion’s share of these contributions has been channeled into pro-crypto super political action committees (PACs), with Fairshake leading the charge. Fairshake, a non-partisan super PAC, is dedicated to electing crypto-friendly candidates across the political spectrum while thwarting the campaigns of those skeptical of the industry’s potential.

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Public Citizen’s report underscores that $107.9 million of Fairshake’s $203 million war chest has been directly sourced from cryptocurrency companies. The remaining funds have been contributed by wealthy and influential figures within the tech and crypto sectors, including the Winklevoss twins and Coinbase CEO Brian Armstrong.

Rick Claypool, research director at Public Citizen and author of the report, characterized the crypto industry’s political spending as “unprecedented.” Since the U.S. Supreme Court’s 2010 decision in Citizens United v. Federal Election Commission, which affirmed corporations’ First Amendment rights to unlimited campaign donations via PACs, crypto companies have invested $129 million in direct political contributions over the last three election cycles. This represents 15% of all known corporate donations since that pivotal ruling.

The report also reveals that, over the past 14 years, only the fossil fuel industry has outspent crypto companies in political contributions, pouring $162 million into the coffers of fossil fuel-friendly politicians. The crypto industry’s rapid ascent in political influence marks a significant shift in the landscape of corporate power and election financing.