Republicans claim betrayal as cryptocurrency PAC backs Democrats
NBCAug 23
The Facts
A report from the advocacy group Public Citizen claims that organizations and companies in the cryptocurrency industry have donated $119M to federal campaigns for the 2024 election, making up 48% of all corporate contributions.
Most of this money went to political action committees (PACs) such as Fairshake, which received support from groups such as crypto exchange Coinbase. Fairshake received $108M in corporate donations, with the PAC having what Public Citizen calls "unprecedented" corporate backing.
The Spin
Narrative A
The pernicious influence of money in politics continues unabated, as politicians who were once fiercely critical of crypto are now singing its praises once checks have been signed. The crypto lobby wants to evade regulation and continue making money off these speculative assets hand over fist, and are blatantly trying to buy influence on both sides of the aisle. These donations help no one but massive crypto enterprises.
Narrative B
Crypto will leave politicians alone once they decide to leave crypto alone. Cryptocurrency was once treated as any other asset before zealous anti-blockchain politicians took the line that the industry should not exist whatsoever and continually demonized it. This is wholly unfair, and crypto leaders are donating to politicians on both sides of the aisle who have proven to be sensible on this vital issue.