U.S. Crypto Super PACs Have Raised More Than $100 Million in Lead Up to 2024 Election

Outside political groups tied to the cryptocurrency industry have raised more than $102 million to spend on the upcoming U.S. congressional elections to elevate candidates who are friendly to digital assets, according to a report from Public Citizen.

Why it’s 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 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.

Also Read: Capitalize on Rising Crypto Market With These Blockchain Stocks

By the Numbers

About $54 million of the crypto industry’s political war chest comes from direct corporate expenditures, primarily from Coinbase (NASDAQ: COIN) and Ripple (XRP), according to the report.

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

Context

Crypto-backed super PACs have said they will focus their spending on November’s U.S. Senate races in Ohio and Montana, where Democrats Sherrod Brown and Jon Tester are seeking reelection.

Both Brown and Tester sit on the Senate Banking Committee and have been critical of cryptocurrency, particularly its use by groups that the U.S. has deemed bad actors, including Hamas and North Korea’s Lazarus Group.

This article was originally published on Reuters.com.

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