The crypto industry in the US is gaining more influence in politics, with donations exceeding $190 million, according to a recent report. This surge in donations is a significant increase from previous election cycles, showing a 13-fold jump from 2020.
Data from the Federal Election Commission (FEC) reveals that crypto companies contributed nearly half of all corporate donations in this cycle, with over $130 million going into congressional races. The industry is focused on securing pro-crypto representation in key positions to shape future regulatory policies.
One of the leading spenders in this space is the pro-crypto super PAC Fairshake, which distributed nearly $29 million in September alone. Fairshake allocated a large portion of its spending to affiliated PACs that support both Republican and Democratic candidates, showing bipartisan support for the industry.
California, with its high concentration of blockchain firms, remains a crucial state for the crypto industry. Donations from Fairshake and other groups are aimed at securing pro-crypto politicians in key districts, ensuring that the state remains a hub for the industry.
In addition to California, donations have also been directed to candidates in toss-up districts in states like New York, Nevada, and Illinois. Protect Progress, another PAC, has focused on supporting Democratic Senate candidates in battleground states like Arizona and Michigan.
Overall, the increasing influence of the crypto industry in US politics is evident through the substantial donations being made to key races. This long-term strategy aims to shape the regulatory landscape and ensure that the industry has a voice in future policy decisions.
