$102 Million raised by US crypto-backed Super PACs could prove crucial in securing the crypto industry

As the US elections approach, crypto political action committees (PACs) have raised more than $102 million to support crypto-friendly political candidates, according to a Public Citizen report on Monday.

Also read: Ethereum's declining holdings in CEXs hint at rally, SEC's actions indicate spot ETH ETFs would be denied

Crypto PACs raise heavy sums to support pro-crypto candidates

Crypto-backed Super PACs have raised over $102 million in view of the upcoming US elections. This was revealed in a recent report by Public Citizen on Monday. This is the first time a Super PAC has raised that amount of money, according to the report, citing data from transparency group Open Secrets.

The money raised shows the general interest of crypto executives, corporations, and supporters in their fight to secure the cryptocurrency industry following the growing rate of lawsuits from the Securities & Exchange Commission (SEC) and other law enforcement agencies.

Read more: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Altcoins in disarray as BTC conceals directional bias

The report states that more than half of the $102 million raised by the PACs comes from direct crypto corporations, specifically Coinbase and Ripple. These two are among eight other corporate super PACs, of which four have either settled or are facing lawsuits from the SEC.

The rest of the funders are billionaires and venture capitalists, including Andreessen Horowitz, who raised $11 million, the Winklevoss twins with $5 million, and $1 million from Coinbase CEO Brian Armstrong. 

The report further states that only one of the six primary crypto candidates backed by crypto PACs in 2024 has lost. The remaining 11 primary elections still have crypto-backed candidates.

Also read: Robinhood gets SEC warning against crypto unit for alleged violation of Securities Act

Crypto Super PACs are looking to the November elections in Ohio and Montana and have pledged to spend more on these two political battlegrounds for Senate offices.

Crypto PACs would seek to tilt the elections in favor of pro-crypto candidates as they fight to safeguard the crypto industry from rigorous policies.