Crypto industry spends $176 million on US election races as CLARITY Act stalls

The cryptocurrency sector has allocated approximately $176 million to influence over 100 US congressional races ahead of the November 3 midterm elections, focusing its efforts even as its signature legislative proposal, the CLARITY Act, remains blocked in Congress. A Reuters investigation revealed that Fairshake, a leading super political action committee (PAC) in the crypto space, along with affiliated groups, has directed about $150.8 million through October 20 into political spending. Additional cryptocurrency organizations contributed a further $25 million, pushing total crypto-linked expenditures during this election period to unprecedented levels. Fairshake’s financial backers include some of the most influential names in the industry, such as Coinbase, known as a major US cryptocurrency exchange, digital payments firm Ripple , and prominent venture capital group Andreessen Horowitz.

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