By Hannah Lang
(Reuters) – Exterior political teams linked to the cryptocurrency business have raised greater than $102 million to spend within the upcoming U.S. congressional elections to advertise candidates pleasant to the digital asset, based on a report from Public Citizen.
WHY IT'S IMPORTANT
Solely two different political teams or tremendous PACs have raised extra money than the crypto sector this election cycle, Public Citizen reported.
Cash raised by cryptocurrency-backed tremendous PACs exhibits how crypto firms are hoping to sway politics of their favor because the business faces elevated scrutiny from regulators just like the Securities and Change Fee, in addition to lawmakers.
BY THE NUMBERS
About $54 million of the crypto business's political conflict chest comes from direct company spending, primarily from Coinbase (NASDAQ: ) and Labs, based on the report.
The remaining got here from cryptocurrency managers and enterprise capitalists: $11 million every from founders Andreessen Horowitz, $5 million from Gemini crypto alternate founders Cameron and Tyler Winklevoss, and $1 million from Coinbase CEO Brian Armstrong.
CONTEXT
Cryptocurrency-backed tremendous PACs have mentioned they’ll focus their spending on the November U.S. Senate races in Ohio and Montana, the place Democrats Sherrod Brown and Jon Tester are in search of re-election.
Each Brown and Tester sit on the Senate Banking Committee and have criticized cryptocurrencies, significantly their use by teams the US considers dangerous actors, together with Hamas and North Korea's Lazarus Group.
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