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Crypto Industry Donors Pour $52 Million Towards US Midterm Elections

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Wealthy members of the crypto industry, including brokers, venture capitalists and investors, contributed more than $52 million in political donations during this interim election cycle. Half of those funds came in in May alone, with the biggest cryptocurrency donor of the month targeting Republican candidates.

Cryptocurrency enters politics

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As informed Bloomberg on Tuesday, among the biggest donors were FTX co-CEOs Ryan Salame and Sam Bankman-Fried (SBF).

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Salame put $8 million into the American Dream Federal Share last month, raising his total contributions to $12 million. Super PAC, of ​​which Salameh is the sole sponsor, spent $7.6 million on Republican candidates.

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Some of these candidates were supported by former President Donald Trump. He spent $1.2 million on the likely re-election of John Boozman and another $517,000 to promote Representative Ted Budd.

Meanwhile, another $500,000 from the SBF — a young billionaire who believes his class should be taxed more heavily — went to the Senate’s pro-Democrat majority. He sent $32.5 million in donations to Super PAC throughout the election cycle, including $16 million in April alone. The CEO is known for spending his money on political and humanitarian causes, having launched a $100 million humanitarian fund in May.


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Protect Our Future, the PAC superteam that received $23 million from the SBF, gave $4.1 million to Democratic candidates.

The crypto industry itself also boasts of its unofficial “GMI” PAC. In May, PAC received $1 million in donations from Andreessen Horowitz (a16z) co-founders Marc Andreessen and Benjamin Horowitz. a16z is one of the largest crypto and web 3 venture capitalists, raising $4.5 billion in ecosystem investments last month.

Republicans vs Democrats in Crypto

A clear political divide is starting to form around cryptocurrency, with many Republicans supporting it and many Democrats opposing it.

The former usually advocates creating conditions for a growing industry to thrive without sending it overseas. Meanwhile, Democrats are increasingly worried about the harm to investors, illicit funding and the environmental damage caused by digital assets.

However, a recent bill aimed at strengthening the regulatory framework for cryptocurrencies in the United States was deliberately signed into law by members belonging to political circles. None of the co-authors, including Republican Senator Cynthia Lummis and Democratic Senator Kirsten Gillibrand, want the industry to become partisan.

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Credit : cryptopotato.com

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