Explainer: Crypto industry spends millions on U.S. midterm elections

📆 11/9/2022 4:21 AM
📰 Reuters

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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.

, also have PACs which spent more than $11,000 and $44,000 respectively leading up to the midterm elections, according to FEC data and confirmed by the companies.

Coinbase, the Chamber of Digital Commerce and crypto-focused HODLpac donated to Sen. Ron Wyden, the Democratic chair of the Senate Finance Committee, according to FEC records. Crypto Innovation PAC 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.

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Crypto is collapsing

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