Crypto industry giants have poured over $52 million into political committees to support the incoming U.S. midterm election.
By May, half of the contributions were already in as the leading donors targeted to support Republican candidates.
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Crypto Launches into politics
FTX co-CEOs, Ryan Salame and Sam Bankman-Fried (SBF) spearheaded the donations as per the Bloomberg reports on Tuesday.
Salame gave $8 million to American Dream Federal Action in May, adding up to $12 million of his total contribution. The action has supported Republicans using $7.6 million of the funds. According to the latest Federal Election Commission filings, he was the only PAC donor.
Donald Trump has endorsed some candidates, putting $1.2 million and $517,000 towards John Boozman and Ted Budd, respectively.
Bankman-Fried also gave the Senate Majority PAC $500,000 in support of Democrats. Apart from this, he donated $32.5 million in May, making him a top donor to political groups, raising the amount from $16 million in April. A super PAC that got $23 million of his funds used $4.1 million on Democratic candidates.
The co-founders of Andreessen Horowitz (a16z), Marc Andreessen and Benjamin Horowitz, also contributed $1 million towards crypto’s own GMI (gonna-make-it) PAC in May. A16z has put $4.5 billion for investment in the crypto and web3.
Republicans against Democrats on Crypto
Crypto has created a noticeable political boundary by promoting Republicans and opposing Democrats.
Republicans are working to create favorable conditions for the crypto industry to thrive without sending it overseas. On the other hand, Democrats are concerned about investor harm, illegitimate finance, and the harm digital currency brings to the environment.
Both Republicans and Democrats in the U.S. recently co-signed a bill solidifying the cryptocurrency regulatory framework despite their differences. They both do not want crypto to become a partisan.