JAKARTA - The crypto industry recorded a new history in the 2024 United States Federal Election by disbursing funds of 119 million US Dollars (around Rp1.8 trillion) to support pro-crypto candidates. Based on the latest report from Public Citizen, this number makes the crypto sector the largest contributor to the election cycle this time, while affirming the stronger influence of this industry in US politics.
The move was led by major companies such as Coinbase and Ripple, which accounted for 45 million US Dollars (approximately IDR 700 billion) each to PAC Fairshake, a super political action committee that played a major role in determining election results. Most of these funds are used to support candidates who support more crypto-friendly regulations, as well as hinder candidates who are considered unfriendly to the industry.
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PAC Fairshake, with the support of abundant funds, has become a major player in the 2024 elections, affecting results in various elections, both Republican and Democratic. This non-partisan strategy reflects careful calculations from crypto companies seeking to ensure favorable regulations, regardless of party lines.
Since the decision of the US Supreme Court in 2010 in the Citizens United case that paved the way for unlimited corporate donations in the political campaign, the crypto industry has significantly increased its political spending. In this election, they contributed nearly 15% of the total corporate donations during the last three election cycles.
The position of the crypto industry as the second largest contributor in the 2024 election, only under the fossil fuel industry, affirms their ambition to form a regulatory future in the US. With growing influence, the sector is ready to play an important role in the direction of national policy, especially related to financial and technology regulations.
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