Crypto Political Giving Falls Right Before US Midterm Elections
- Donors gave $3.9 million in September, down 63% from June
- Retreat in donations followed turmoil in crypto market
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Crypto executives pulled back on political giving in the immediate run-up to the Nov. 8 midterm elections, a move that followed the crash in digital currencies like Bitcoin and Ether.
The industry emerged as a significant player in political spending in 2022 and outpaced donor groups such as drugmakers and defense contractors for much of the current two-year election cycle. There has been a spike in the number of political action committees backed by digital-asset companies and executives, including GMI PAC -- a super-PAC whose top contributors include FTX Trading Ltd. Chief Executive Officer Sam Bankman-Fried, stablecoin issuer Circle Internet Financial and venture capitalists Marc Andreessen and Ben Horowitz.