The cryptocurrency industry has spent millions of dollars on U.S. midterm election races during a year of heavy losses and upheaval in the sector, which hopes to gain sway among legislators as Congress debates tighter regulation of digital assets.
Ryan Salame, CEO of an FTX subsidiary, was the 14th biggest individual donor on the list, giving more than $23.6 million, all to Republicans, including $11,600 backing the campaign of Rep. Alex Mooney, a Republican from West Virginia.Skybridge Capital, the digital asset investment management firm founded by former Trump White House communications director Anthony Scaramucci, contributed $100,000 to the Crypto Innovation super PAC this year, as did Scaramucci himself.
Coinbase, Robinhood and industry trade group Chamber of Digital Commerce all had their PACs donate to Rep. Patrick McHenry, FEC records show. As the top Republican serving on the House Financial Services Committee, McHenry is likely to become its chairman if Republicans win control of the House of Representatives. The Chamber of Digital Commerce did not respond to a request to confirm its contributions.
McHenry and Rep. Maxine Waters, a Democrat who now chairs the House Financial Services Committee, are in talks over a bipartisan stablecoin bill. Though details have yet to be finalized, most analysts view stablecoins as the easist crypto issue for lawmakers to tackle.