Crypto industry accounts for almost half of corporate donations in 2024 election, report says
U.S. Vice President and Democratic presidential candidate Kamala Harris speaks at a campaign rally in Milwaukee, Wisconsin, U.S. August 20, 2024.
Marco Bello | Reuters
As the 2024 U.S. elections reach their home stretch, crypto companies are opening their wallets to try and influence the results.
Nearly half of all the corporate money flowing into the election has come from the crypto industry, according to a report this week from the nonprofit watchdog group Public Citizen. The sum, approximately $119 million, was raised from a mix of contributors, with Coinbase and Ripple accounting for more than 80% of the donations.
Most of the money is going to super PACs that are backing pro-crypto candidates running for office this year. The industry has faced heightened scrutiny during the Biden administration, and Coinbase and Ripple are two of the biggest players that have been engaged in legal battles with the Securities and Exchange Commission.
Donald Trump, the Republican nominee, has tried to exploit the rift between the crypto industry and the Democrats by pitching himself as the pro-crypto choice and even keynoting a major bitcoin conference in Nashville, Tennessee, last month. But money is flowing into both parties, as the House, Senate and the presidency remain very much up for grabs.
No other sector is keeping up with crypto. That includes oil companies and banks, which have historically been big political contributors.
Since 2010, when the Supreme Court’s Citizens United ruling opened the door for limitless corporate money in U.S. elections, the crypto sector has accounted for 15% of all disclosed contributions. More than 90% of the corporate crypto cash that’s been raised was brought in this election cycle.
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.”
Claypool’s research shows that crypto corporations are second only to fossil fuel conglomerates in total election-related spending since the 2010 ruling.
Fairshake is the most popular of the pro-crypto, bipartisan super PACs. It’s funded by some of the industry’s leading companies and has become one of the top-spending PACs this year.
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.
Other funds have come from a mix of donors. Coinbase CEO Brian Armstrong, for example, gave $1 million, while the Winklevoss twins put in $5 million.
A filing with the Federal Election Commission on Tuesday showed that during July, Fairshake disbursed almost $75 million. Data compiled from FEC reports by OpenSecrets indicates that Fairshake has nearly $120 million in its coffers to deploy with less than 80 days to go until the November election.
The super PAC has pledged $25 million from that pool of cash to 18 House candidates in the general election, to be split among nine Democrats and nine Republicans. It’s committed another $18 million to three Senate races.
‘Eye-popping sums’
The industry’s strategy paid off in the primaries.
Public Citizen’s report found that of the 42 primary races that attracted money from crypto-backed super PACs, the candidate picked by the crypto industry won 36. But many of them aren’t publicly promoting their stance on crypto.
“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.
In New York and California congressional races, the crypto-funded campaign ads attacked the targeted candidates with traditional political jabs, and no mention of crypto.
“The sole reason crypto is a hot-button topic in this election cycle is that crypto businesses are spending eye-popping sums to make themselves impossible to ignore,” Claypool said.
Democrats are trying to show they can find common ground with the industry despite the tension that’s emerged in recent years.
Senate Majority Leader Chuck Schumer, D-N.Y., kicked off a virtual town hall dubbed “Crypto4Harris” in August. He said at the event that a crypto law could pass the Senate by the end of the year.
Vice President Kamala Harris’s campaign team is actively working to craft a platform stance around the crypto industry and reset the approach taken by President Joe Biden, several key Democrats told CNBC. On Tuesday, Harris’ campaign announced plans to adopt a pro-crypto innovation stance.
Coinbase Chief Policy Officer Faryar Shirzad praised the move, writing on X that he’s been “pleased to take part in a number of discussions with the Harris team.” He described the approach as “constructive” and said “the dialogue had been an important first step.”
Meanwhile, money has rolled into Trump’s campaign from digital asset executives since he leaned into being the pro-crypto candidate.
Trump has adopted increasingly bullish talking points on cryptocurrencies on the campaign trail, and he announced in late July that he had raised $25 million from crypto interests, a figure that CNBC hasn’t independently confirmed.
Crypto executives have turned up at fundraisers for Trump in San Francisco and Nashville, where the Republican nominee told an audience of conferencegoers that if he were returned to the White House, he would ensure that the federal government never sells off its bitcoin holdings.
“This afternoon I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world,” Trump said. “And we’ll get it done.”
Electric vehicles’ share of the market continues to climb in America’s second city, with BEV registrations up more than 50% in the first quarter of 2025 compared with the same period last year. Great news, but charging hasn’t up – but a new plan from Chicago Department of Transportation aims to build up enough infrastructure for the city to keep up.
In a bid to keep up with the rapid growth of EVs, Chicago Department of Transportation (CDOT is currently seeking public feedback on a plan called “Chicago Moves Electric Framework.” The city’s first such plan, it outlines initiatives that include a curbside charging pilot through the city’s utility, ComEd, and expanded charging access in key areas throughout the city.
Unlike other such plans, however, the new plan aims to focus on bringing electric vehicle charging to EIEC and low income communities, too.
“Through this framework, we are setting clear goals and identifying solutions that reflect the voices of our residents, communities, and regional partners,” said CDOT Commissioner Tom Carney. “By prioritizing equity and public input, we’re creating a roadmap for electric transportation that serves every neighborhood and helps drive down emissions across Chicago.”
Neighborhoods on the south and west sides of Chicago experience a disproportionate amount of air pollution and diesel emissions, largely due to vehicle emissions according to CDOT. Despite that, most of Chicago’s public charging stations are clustered in higher-income areas while just 7.8% are in environmental justice neighborhoods that face higher environmental burdens.
“Too often, communities facing the greatest economic and transportation barriers also experience the most air pollution,” explains Chicago Mayor Brandon Johnson. “By prioritizing investments in historically underserved areas and making clean transportation options more affordable and accessible, we can improve both mobility and public health.”
The Framework identifies other near-term policy objectives, as well – such as streamlining the EV charger installation process for businesses and residents and implementing “Low-Emission Zones” in areas disproportionately impacted by air pollution by limiting, or even restricting, access to conventional medium- and heavy-duty vehicles during peak hours.
The Chicago Moves Electric Framework includes the installation of Level 2 and DC fast charging stations in public locations such as libraries and Chicago’s Midway Airport, “supporting not only personal EVs but also electric taxis, ride-hail and commercial fleets.”
Chicago has a goal of installing 2,500 public passenger EV charging stations and electrifying the city’s entire municipal vehicle fleet by 2035.
Electrek’s Take
I hate to sound like a bed-wetting liberal here, guys, but Chicago is getting EVs absolutely right with big utility incentives on both vehicles and infrastructure, a governor willing to stand behind smart environmental policy, and a solid push for more and better infrastructure in the areas where they’ll do the most good. They’re even thinking of the children.
Here’s hoping more cities follow suit.
SOURCE: ComEd, via Smart Cities Dive; featured image by EVgo.
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With a fully-enclosed, G-Wagen-inspired body and an 80 mile electric range, the Bodo G-Wagon golf cart is the NEV you need when you decide it’s time to get serous one-upping the rest of the Palm Beach country clubbers.
If you love the look of the $230,000 Mercedes-Benz G580 off-roader, but think the 579 hp, 6,800 lb. electric 4×4 is probably overkill for occasional trips to the golf course and country club, this G-Wagen-inspired golf cart might be just what you’re looking for.
The shiny black 2024 Bodo G-Wagon sold at Mecum Auctions last month for $31,900, which seems like it might not be a lot of money to the sort of person who decides to take a flyer on a goofy, limited-use EV that ships with real, metal doors, power windows, heating and air conditioning, fully digital instrument cluster and infotainment, and a “posh,” caramel leather interior.
It even has windshield wipers, power steering, and a rear-seat entertainment system that’s built into the front headrests!
It’s really nice in there
Under the hood, the Bodo packs a 15 kW (20 hp) electric motor drawing power from a 10 kWh li-ion battery that won’t deliver a scorching 0-60 mph time (it only goes 35), but will deliver you and your buddies from one end of any golf course in North America and back several times over, thanks to the G-Wagon’s 80 mile range.
The official Mecum Auctions listing goes into a bit more detail, and I’ve included it here, in case it gets deleted after a while and you’re just finding this for the first time in 2027:
Be the envy of any country club or golf community showing up with this 2024 Bodo G-Wagon Golf Cart. Perhaps more appropriately known as an E-Wagon, this baby G-Wagon is powered by a 15kW motor with a 10kWh lithium battery. Boasting an 80-mile range and a 35 MPH top speed, the Bodo is an enclosed, luxury golf cart that pampers occupants with heating and air conditioning, rear-seat entertainment, power windows, power locks and a posh, caramel-colored interior. With the Bodo fitted with power steering and 4-wheel power disc brakes with brake boost, drivers will think they’re in a full-size G-Wagon, thanks to the multiscreen entertainment cluster, the rearview camera, windshield wipers, turn signals, running lights and so much more.
Finished in black with the right amount of brightwork, the overall vibe is one of jaw-dropping, smile-inducing fun. While the Bodo would be an excellent choice for any golf community, it should also prove to be hugely popular around a race track or car condo community as well, or maybe even a neighborhood with its own airplane runways. Over the past decade in particular, the demand for unique, luxury golf carts has been on the rise, and understandably so. The number of luxury communities with specific interests in sports, aero and auto has also been on the rise, with people buying homes in these exclusive locations to better engage with like-minded people. All too often a golf cart is the perfect way to get around these gated neighborhoods, and this one is enclosed, comes with the amenities of a full-size car and is infinitely more stylish.
You can check out a few more photos of the 2024 Bodo G-Wagon golf cart that sold at Mecum, below – and if you want one for yourself, you’re in luck! I found this brand-new 2025 “G600 E-Wagon” (in white) for $23,900 at Gulf Carts in Santa Rosa Beach, Florida. Head on down to the comments and let us know if you buy it.
G-Wagon golf cart gallery
SOURCE | LOTS MORE PHOTOS: Mecum Auctions.
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