A report this week from Public Citizen found that crypto companies have accounted for nearly half of all donations made by corporations this election cycle.Most of that cash has gone directly to super PACs working to elect pro-crypto candidates.
Rick Claypool, research director at Public Citizen, who authored the latest report, said the massive money poured in by crypto companies to"silence crypto's critics and elevate its backers embodies everything that is wrong with the Supreme Court's disastrous Citizens United decision." The majority of the group's funds can be traced to four sources. Coinbase has contributed $49 million, venture firm Andreessen Horowitz has donated $47 million, Ripple has given $47 million and Jump Crypto put in $15 million. In total, Fairshake and its two affiliated PACs have raised around $169 million, with more than 90% coming directly from corporations.
"When Fairshake and its affiliates spend money to influence races, either by attacking crypto skeptics or boosting crypto supporters, the ads don't mention crypto at all," said Claypool.
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