US Crypto Super PACs Have Raised Over $100 Million, Report Says By Reuters

By Hannah Lang

(Reuters) – Outside political groups linked to the cryptocurrency industry have raised more than $102 million to spend in the upcoming U.S. congressional elections to elevate candidates who are friendly to digital assets, according to a report. Public Citizen report.

BECAUSE IT IS IMPORTANT

Only two other political groups, or super PACs, have raised more money than the crypto sector this election cycle, Public Citizen said.

The money raised by cryptocurrency-backed super PACs shows how cryptocurrency companies hope to influence policy in their favor as the industry faces increased scrutiny from regulators such as the Securities and Exchange Commission, as well as lawmakers.

BY THE NUMBERS

According to the report, around $54 million of the crypto industry's political coffer comes from direct corporate spending, primarily from Coinbase (NASDAQ 🙂 and Labs.

The rest comes from cryptocurrency executives and venture capitalists: $11 million each from the founders of Andreessen Horowitz, $5 million from cryptocurrency exchange Gemini founders Cameron and Tyler Winklevoss, and $1 million from the director. Coinbase executive Brian Armstrong.

CONTEXT

Cryptocurrency-backed super PACs have said they will focus their spending on November's US Senate elections in Ohio and Montana, where Democrats Sherrod Brown and Jon Tester are seeking re-election.

Both Brown and Tester sit on the Senate Banking Committee and have been critical of cryptocurrencies, particularly their use by groups the United States has deemed bad actors, including Hamas and North Korea's Lazarus Group.