Super PACs with ties to the cryptocurrency industry have spent at least $31.2 million in primary races ahead of this year’s midterms, with most of the money coming from a handful of executives at just one company.
The super PACs are part of a Washington spending spree by the industry that has included big checks for lobbying and individuals’ campaign donations to cryptocurrency-friendly incumbents. Industry insiders are now trying to increase their political clout with millions funneled through super PACs. The money arrives as Washington is writing the rules that will govern the industry.
Craig Holman, government affairs lobbyist for Public Citizen, said it’s unusual to see this much spending on primaries by outside groups.
“What we're seeing is a fundamental politicization of the cryptocurrency industry,” Holman said in an interview. Cryptocurrency industry insiders have emerged as political mega-donors just as Washington lawmakers and regulators have flexed their muscles in the...
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