Political action committees have amassed over $100 million

Political entities associated with the cryptocurrency industry have amassed more than $102 million for the forthcoming U.S. congressional elections, aiming to support candidates favourable to digital currencies, as per a Public Citizen report.

Crypto-related political action committees (PACs) are among the top fundraisers this election period, trailing only two other groups. The substantial funds raised by these crypto PACs reflect the industry’s intent to shape policy decisions amidst heightened regulatory and legislative scrutiny.

Direct corporate contributions, predominantly from Coinbase and Ripple Labs, constitute approximately $54 million of the industry’s campaign funds. The balance is contributed by prominent figures in the crypto world, including $11 million apiece from Andreessen Horowitz’s founders, $5 million from Gemini’s Cameron and Tyler Winklevoss, and $1 million from Coinbase’s Brian Armstrong.

These crypto PACs plan to allocate their resources to key Senate races in Ohio and Montana this November, where incumbent Democrats Sherrod Brown and Jon Tester, both members of the Senate Banking Committee and critics of cryptocurrency’s misuse, are campaigning for reelection.