Outside political groups tied to the cryptocurrency industry have raised more than $102 million to spend on the upcoming U.S. congressional elections in order to elevate candidates who are friendly to digital assets, according to a report from Public Citizen.
Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration
The money raised by crypto-backed super PACs shows how crypto companies are hoping to influence policies in their favor as the industry is facing increased scrutiny from regulators such as the Securities and Exchange Commission, as well as lawmakers.About $54 million of the crypto industry's political war chest comes from direct corporate expenditures, primarily from Coinbase and Ripple Labs, according to the report.
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