Crypto Firms Contribute $206 Million to PACs Ahead of US Midterms, Most Among Corporate Sectors
Summary
- Crypto firms contributed a total of $206 million to political action committees ahead of the US midterm elections.
- Crypto-industry super PAC Fairshake and affiliated groups have so far made about $70 million in independent expenditures across 54 races.
- Fairshake, backed by Coinbase and Ripple, held about $113 million in cash as of late July.
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Crypto firms have contributed a combined $206 million to political action committees ahead of this year's US midterm elections, the largest disclosed total from any corporate sector.
CryptoSlate reported on September 22 that the figure combines donations made by crypto companies to super PACs and hybrid PACs through the second quarter. The full $206 million does not mean all of the money has been spent on election advertising and other campaign activity.
Fairshake, a leading crypto-industry super PAC, and affiliated groups have so far spent about $70 million independently across 54 races. Of that total, about $32.5 million supported Republican candidates, $21.3 million backed Democratic candidates, and about $15.6 million went toward efforts opposing Democratic candidates.
Major crypto firms including Coinbase and Ripple have contributed funds to Fairshake. Federal Election Commission data show Fairshake held about $113 million in cash as of late July.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.