US Cryptocurrency Super PACs Surpass $100 Million in Fundraising, Report Reveals
Super PACs associated with the cryptocurrency industry have amassed over $102 million to allocate toward the upcoming U.S. congressional elections. This substantial funding underscores the industry’s endeavor to support candidates who hold favorable views towards digital assets, as outlined in a report by Public Citizen.
The significance of this financial support lies in its ranking among other super PACs during this election cycle, with only two groups having raised more funds than those linked to the cryptocurrency sector, according to Public Citizen’s findings.
This influx of funds from crypto-related sources demonstrates a concerted effort by companies within the industry to shape policies that align with their interests. This initiative becomes particularly pertinent as regulatory scrutiny of the cryptocurrency space intensifies, with entities like the Securities and Exchange Commission (SEC) and lawmakers closely monitoring developments.
The distribution of these funds reveals that approximately $54 million originates from direct corporate contributions, with major players such as Coinbase and Ripple Labs leading the way. Additionally, notable figures within the crypto community, including executives and venture capitalists, have contributed substantial amounts. For instance, founders of Andreessen Horowitz have each contributed $11 million, while the Winklevoss twins, co-founders of Gemini exchange, have contributed $5 million. Coinbase CEO Brian Armstrong has also pitched in $1 million towards these efforts.
In terms of strategy, crypto-backed super PACs have indicated a focus on key U.S. Senate races, particularly in Ohio and Montana. These states are significant due to the reelection bids of Democrats Sherrod Brown and Jon Tester, respectively. Both senators serve on the Senate Banking Committee and have expressed reservations about cryptocurrency, especially its potential misuse by entities flagged by the U.S., such as Hamas and North Korea’s Lazarus Group.
