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.”
More than 100,000 home batteries across California stepped up as a virtual power plant last week in a scheduled test event, and the results were impressive, according to new analysis from The Brattle Group.
Sunrun was the largest aggregator, Tesla was the largest OEM, and most of the batteries were enrolled
in California’s Demand-Side Grid Support (DSGS) program.
Sunrun’s distributed battery fleet delivered more than two-thirds of the energy during a scheduled two-hour grid support test on July 29. In total, the event pumped an average of 535 megawatts (MW) onto the grid – enough to power over half of San Francisco.
The event, run between 7 and 9 pm, was coordinated by the California Energy Commission, CAISO (California Independent System Operator), and utilities to prepare for stress on the grid during August and September heat waves. And it worked.
Sunrun alone averaged over 360 MW during the two-hour window. The batteries kicked in right when electricity demand typically spikes in the evening, acting just like a traditional power plant, but from people’s homes.
Brattle’s analysis found that the battery output made a visible dent in statewide grid load, when the power is needed most. “Performance was consistent across the event, without major fluctuations or any attrition,” said Ryan Hledik, a principal at The Brattle Group. He called it “dependable, planning-grade performance at scale.”
Residential batteries, Hledik explained, don’t just help shave off demand during critical hours; they can reduce the need for new power plants entirely. “They can serve CAISO’s net peak, reduce the need to invest in new generation capacity, and relieve strain on the system associated with the evening load ramp,” he said.
This isn’t a one-off. Sunrun’s fleet already helped drop peak demand earlier this summer, delivering 325 MW during a similar event on June 24. The company compensates customers up to $150 per battery per season for participating.
Sunrun CEO Mary Powell summed it up: “Distributed home batteries are a powerful and flexible resource that reliably delivers power to the grid at a moment’s notice, benefiting all households by preventing blackouts, alleviating peak demand, and reducing extreme price spikes.”
Read more: The US’s largest virtual power plant now runs on 75,000 home batteries
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
Hyundai’s new Elexio electric SUV, which is built in China, could be sold in overseas markets. The CEO of Hyundai Australia calls it “a promising vehicle” that could help the company regain market share from Tesla, BYD, and others.
Will Hyundai’s new Elexio SUV be sold overseas?
The Elexio SUV is the first dedicated electric vehicle from Hyundai’s joint venture with BAIC in China, Beijing Hyundai.
After unveiling it for the first time in May, Hyundai is preparing to launch the new Elexio in China in the next few weeks.
According to a new report, Hyundai’s new electric SUV could be sold in overseas markets, including Australia. Don Romano, the CEO of Hyundai Australia, told journalists (via EV Central) last week during the launch event for the new IONIQ 9 that the company has done a “terrible job” with its EVs so far.
“And the only explanation for that is that we haven’t put enough focus into it,” he explained. However, Romano promises the automaker will do better.
Hyundai plans to boost marketing and support its dealership network, which only began selling IONIQ EV models a little over a year ago.
In what mostly went under the radar, Romano also suggested the new Elexio SUV could arrive in Australia. “It’s under evaluation now,” he said, adding, “it’s definitely a promising vehicle.”
Despite this, it may have a few hurdles to clear. Hyundai’s Australian boss explained, “I still have work to do to ensure that it’s the right vehicle in the right segment at the right price for our market. And I have not reached that level yet.”
Romano told journalists that a final decision needs to be made “in the next 60 to 90 days,” and to check back in three months when he will have a definitive answer.
Hyundai Australia is also looking to launch the IONIQ 2, a smaller, more affordable EV to sit between the Inster EV and Kona Electric.
Romano said, “It’s a potential opportunity,” but didn’t provide any details. He said, at this point, he’s just glad Hyundai is producing it. “Now I just need to get the details and find out, will it fit into our overall product plan and create enough demand to where it becomes a viable option for us? So my initial thought is absolutely. Yep.” Hyundai Australia’s boss told journalists.
The new EVs would help Hyundai, which has been struggling to keep pace in the transition to electric, compete in Australia and other overseas markets.
As of June 2025, Hyundai has sold only 853 EVs in Australia. In comparison, Tesla has sold 14,146 electric vehicles, and BYD has sold over 8,300. Even Kia is selling more EVs in Australia, with 4,402 units sold in the first six months of the year.
Measuring 4,615 mm in length, 1,875 mm in width, and 1,673 mm in height, Hyundai’s electric SUV is slightly smaller than the Tesla Model Y.
It recently underwent three consecutive crash tests among several other global evaluations, consistently outperforming benchmarks. Based on Hyundai’s E-GMP platform that powers nearly all Hyundai and Kia EVs, the Elexio has a CLTC driving range of up to 435 miles (700 km)
Hyundai is set to launch it in China in the third quarter of 2025. Prices have yet to be announced, but it’s expected to start at around 140,000 yuan ($19,500).
FTC: We use income earning auto affiliate links. More.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Sports2 years agoButton battles heat exhaustion in NASCAR debut
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike