Brokers, venture capitalists, and investors in the cryptocurrency industry contributed more than $52 million to political donations during the U.S. midterm elections. Half of that money was donated in May, toward the goal of supporting Republican candidates.
Cryptocurrencies have access to politics.
As reported by Bloomberg on June 21, the typical major sponsors are FTX CEO Ryan Salame and Sam Bankman-Fried (SBF).
Salame invested $8 million in American Dream Federal Action in May, bringing his total contribution to $12 million. The super PAC, of which Salame is the sole donor, has contributed $7.6 million to Republican candidates.
Some of these candidates have been endorsed by former President Donald Trump. The $1.2 million was funded to help John Boozman's re-election and another $517,000 to promote rep. Ted Budd.
Meanwhile, another $500,000 from the SBF — a young billionaire who believes his class should be taxed more — has gone toward the Senate PAC majority, which favors Democrats. The SBF donated $32.5 million to super PACs during the election process, including $16 million in April alone. This CEO is known for his contributions for political and humanitarian purposes. Britain launched a $100 million humanitarian fund in May.
Protect Our Future received $23 million from the SBF and transferred $4.1 million to Democratic candidates.
The PAC received $1 million in donations from co-founders Andreessen Horowitz (a16z), Marc Andreessen and Benjamin Horowitz in May. a16z is one of the largest venture capitalists in the cryptocurrency and web 3 industry. In May, it raised $4.5 billion in investments in the ecosystem.
Republican and Democratic views on cryptocurrencies
A political divide is starting to form around cryptocurrencies with the support of many Republicans. In the meantime, many Democrats are opposed.
Companies have previously advocated creating a growing environment for the growing industry. However, Democrats are increasingly worried about investor harm, illegal financing and environmental damage caused by digital assets.
A bill strengthening the legal framework for cryptocurrencies in the United States has been co-signed by political members. Republican senators Cynthia Lummis and Democratic senator Kirsten Gillibrand both don't want the industry to become a political divide.
See also: How to make money from NFT without selling them
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