From Investing.com:

The cryptocurrency industry is heavily involved in the 2024 U.S. election, spending millions to support crypto-friendly candidates and oppose increased regulation. Industry super PACs, backed by companies like Coinbase, have spent $13 million in primary races. If successful, crypto executives could have significant influence in November.

The cryptocurrency industry has significantly increased its political contributions towards the 2024 election cycle, surpassing past years. Companies and PACs in the industry have donated about $59.2 million, up from $26.8 million in 2022 and $1.6 million in 2020. Progressive Democrat Katie Porter in California is a major target, with over $10 million spent to oppose her Senate run.

Protect Progress, another super PAC, has spent millions backing candidates like Shomari Figures in Alabama and Julie Johnson in Texas. The industry’s increased interest in politics comes after FTX founder Sam Bankman-Fried was found guilty of financial fraud for using customer funds to donate over $100 million to political campaigns.

Many candidates have shown openness to digital assets and crypto, raising concerns about potential influence from industry funds on policy and legislation. Campaign finance laws have prompted efforts to recover funds donated by Bankman-Fried, indicating a cautionary tale for campaigns involved with the cryptocurrency industry.



Read more at Investing.com: Super Tuesday to test resurgent crypto industry’s political might By Reuters