A recent report by OpenSecrets.org revealed that cryptocurrency industry Super Political Action Committees (PACs) have accumulated a staggering $102 million war chest to exert their influence on the upcoming 2024 US congressional elections.
The data, compiled by Public Citizen, highlights the sector’s concerted efforts to sway elections in favor of pro-crypto candidates and impede regulatory measures to ensure compliance within the industry.
Crypto Billionaires Lead Funding Surge
Rick Claypool, a research director for Public Citizen and author of the report, emphasized that a fresh wave of crypto corporations, executives, and their allies have returned to the political landscape, pouring millions of dollars into campaigns.
Their objectives reportedly include influencing elections, supporting cryptocurrency-friendly candidates, and obstructing accountability measures to enforce industry regulations.
The report further discloses that over half of the funds raised originate from direct corporate expenditures, primarily attributed to Coinbase and Ripple Labs.
The remaining contributions come from billionaire crypto executives and venture capitalists, including significant sums from the founders of venture capital firm Andreessen Horowitz, the Winklevoss twins, and Coinbase CEO Brian Armstrong.
Of the eight corporate Super PAC donors, four have either settled or faced charges by the US Securities and Exchange Commission (SEC) for alleged violations of securities laws.
According to the report, the largest crypto Super PAC, Fairshake Political Action Committee, has resorted to running political ads that deliberately avoid
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Author: Ronaldo Marquez
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