May 7 2024: External political entities associated with the cryptocurrency industry have collected more than $102 million to support candidates in the upcoming U.S. congressional elections. This effort aims to back individuals who hold favorable views toward digital assets, as outlined in a report released by Public Citizen.
Significance of Funding:
Public Citizen’s report reveals that only two other super PACs have gathered larger sums during this election cycle, underscoring the crypto sector’s commitment to influencing policy decisions, especially amidst heightened regulatory scrutiny from bodies like the Securities and Exchange Commission (SEC) and policymakers.
Financial Overview:
Approximately $54 million of the total funding originates from direct corporate contributions, primarily from prominent players like Coinbase and Ripple Labs. The rest of the funding comes from executives and venture capitalists in the crypto space, with notable contributions including $11 million each from the founders of Andreessen Horowitz, $5 million from Gemini’s founders Cameron and Tyler Winklevoss, and $1 million from Coinbase CEO Brian Armstrong.
Context and Targeted Allocation:
The super PACs tied to the crypto industry have announced their strategic focus on the November U.S. Senate races in Ohio and Montana. These races involve the reelection campaigns of Democrats Sherrod Brown and Jon Tester, who both serve on the Senate Banking Committee and have expressed caution regarding cryptocurrency, particularly its association with entities like Hamas and North Korea’s Lazarus Group, which are classified as adversarial by the U.S. government.
