Crypto is betting it all on the 2024 elections

It’s probably been a minute since you saw Larry David, Tom Brady, or Matt Damon on TV extolling the benefits of crypto. That’s because the era of feverish crypto hype — interrupted by a cascade of highly publicized scandals — has largely passed since its heyday in 2021.

But there’s one critical place where the industry is hotter than ever: Washington, DC.

Crypto has spent a record $119 million in the 2024 federal elections, magnitudes more than it has ever spent before. This huge number means that crypto accounts for almost half of all corporate political contributions in this cycle. Its spending since 2010, totaling $129 million, puts the industry second only to fossil fuels, according to a report from the progressive consumer advocacy group Public Citizen.