Crypto spent some $170 million on the election this year.
Welcome to State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. I’m your host, Nikhilesh De. Crypto companies poured hundreds of millions into political action committees, spending nearly $170 million of that in the 2024 cycle. CoinDesk's Jesse Hamilton took a look at how this might tie to the Citizens United Supreme Court case from 2010.
PS: I'll be in Washington, D.C. early next week during the Blockchain Association's Policy Summit. Let's catch up if you're also in town. |
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From CoinDesk's Jesse Hamilton this week: While politicians battled each other across the 2024 U.S. electoral map, the crypto industry ran an unprecedented test of a 14-year-old Supreme Court decision that had dynamited a new tunnel into politics for corporate cash.
Thanks to a 2010 high-court case, a company can spend as much as it likes to bolster political allies and destroy enemies. It's constitutionally protected speech, and crypto businesses spoke loudly this year.
Seeing business interests influencing U.S. politics is nothing new, but there was something different about crypto's Fairshake political action committee and the $169 million it ultimately gathered. The organization chose not to bother with the niceties sometimes seen from mega-industries coating their policy agendas in pro-American, economy-boosting rhetoric. The Fairshake super PAC and its affiliated PACs didn't sugar-coat their aim: Getting as many crypto allies as possible on Capitol Hill, so they can write a crypto-friendly U.S. rulebook.
Read the full story here. |
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If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social. You can also join the group conversation on Telegram. See y’all next week! |
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