The cryptocurrency industry has reportedly committed a staggering $119 million to the 2024 presidential election, in a coordinated effort to boost industry-friendly candidates and defeat those who are skeptical

What Happened: A report by nonprofit consumer advocacy group Public Citizen revealed that this year's cryptocurrency industry spending on the elections is unprecedented, making up 48% of all corporate money invested.  For context, just over $5 million was poured into the 2020 elections, which is a tiny fraction of this year's spending.

Major companies, primarily Coinbase and Ripple, have channeled the majority of these funds, almost exclusively into super political action committees (PAC) dedicated to promoting pro-cryptocurrency candidates. The main recipient of this cash boost is Fairshake PAC, which raised a total of $202.9 million.

New @Public_Citizen report shows crypto corporations are exploiting the Supreme Court's 2010 Citizens United ruling to an unprecedented degree, dwarfing spending by Big Oil and other corporate sectors in the 2024 elections. pic.twitter.com/x7ItuKaH0t

— Rick Claypool (@RickClaypool) August 21, 2024

Major crypto corporations, primarily Coinbase and Ripple, have channeled the majority of these funds, almost exclusively into super PACs dedicated to promoting pro-crypto candidates and challenging those skeptical of cryptocurrency. The main recipient of this crypto cash influx is Fairshake PAC, the largest super PAC in this election cycle, with a war chest exceeding $202 million.

The report highlighted that total spending by the cryptocurrency industry has ballooned to $129 million over the last three election cycles, second only to fossil fuel corporations.

Why It Matters: The heavy investment by the industry underscores its efforts to make cryptocurrency regulation a key issue for 2024 candidates.

According to Open Secrets, Fairshake PAC has spent $14.8 million in this year's elections, with more than 90% of it spent against Democratic candidates.

Cryptocurrency has risen as a big political issue in the upcoming elections, with Republican candidate Donald Trump revealing a friendlier stance, while rival Kamala Harris also taking steps to boost the industry's growth in the U.S.