The crypto industry has invested approximately $176 million to support allies in the U.S. midterm elections, positioning itself for the post-Trump era.
2 hours ago
The crypto industry has spent roughly $176 million in the current U.S. midterm election cycle, covering more than 100 races, with the aim of building a bipartisan network of congressional allies to advance its legislative priorities after Trump leaves office. As of October 20, super PAC Fairshake and its affiliated groups have disbursed around $150.8 million, while other crypto organizations spent roughly $25 million. Key funders of these committees include Coinbase, Ripple, and a16z. Fairshake says 53 of the 58 candidates it backed in primaries or special elections this year won their races. Fairshake backed candidates from both parties in House races, but after Senate Democrats blocked the CLARITY Act from advancing to a final vote, it decided to only support Republican candidates in Senate elections. The industry has spent over $68 million on the Ohio Senate race, targeting Sherrod Brown, a long-time critic of the crypto industry. Most of the ads do not mention crypto directly, instead focusing on issues like taxation. Passage of the CLARITY Act is the industry’s core goal, but the bill has stalled in the current congressional session. JPMorgan analysts note that without the act, rules set by regulators during Trump’s term could be rolled back by future administrations.
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