Report: US Crypto Super PACs Raise Over $100 Million

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The cryptocurrency industry is gearing up for the upcoming U.S. congressional elections, with outside political groups associated with the sector raising over $102 million. These funds are intended to support candidates who are favorable to digital assets, as reported by Public Citizen.

According to Public Citizen, only two other political groups have raised more money than the crypto sector during this election cycle, highlighting the significant financial influence of cryptocurrency companies in the political arena. This fundraising effort underscores the industry’s desire to shape policies in its favor amid growing regulatory scrutiny from agencies like the Securities and Exchange Commission (SEC) and lawmakers.

The majority of the funds raised by crypto-backed super PACs, around $54 million, come from direct corporate expenditures, primarily contributed by companies like Coinbase and Ripple Labs. Additionally, significant contributions have been made by crypto executives and venture capitalists, including founders of Andreessen Horowitz and Gemini, as well as Coinbase CEO Brian Armstrong.

These crypto-backed super PACs have announced their intention to concentrate their spending on the U.S. Senate races in Ohio and Montana, where incumbent Democrats Sherrod Brown and Jon Tester are seeking reelection. Both Brown and Tester, who serve on the Senate Banking Committee, have expressed skepticism about cryptocurrencies, particularly regarding their potential use by entities considered to be adversaries of the United States, such as Hamas and North Korea’s Lazarus Group.