US Crypto Super PACs Have Raised More Than $100 Million, Report Says

[BumRushDaShow]

Source: US News and World Report/Reuters

May 6, 2024, at 10:28 a.m.


(Reuters) - Outside political groups tied to the cryptocurrency industry have raised more than $102 million to spend on the upcoming U.S. congressional elections in order to elevate candidates who are friendly to digital assets, according to a report from Public Citizen.

WHY IT'S IMPORTANT

Only two other political groups, or super PACs, have raised more money than the crypto sector this election cycle, Public Citizen said. The money raised by crypto-backed super PACs shows how crypto companies are hoping to influence policies in their favor as the industry is facing increased scrutiny from regulators such as the Securities and Exchange Commission, as well as lawmakers.

BY THE NUMBERS

About $54 million of the crypto industry's political war chest comes from direct corporate expenditures, primarily from Coinbase and Ripple Labs, according to the report.

The remainder comes from crypto executives and venture capitalists: $11 million each from the founders of Andreessen Horowitz, $5 million from crypto exchange Gemini founders Cameron and Tyler Winklevoss, and $1 million from Coinbase CEO Brian Armstrong.

Read more: https://www.usnews.com/news/top-news/articles/2024-05-06/us-crypto-super-pacs-have-raised-more-than-100-million-report-says

[keithbvadu2]

1. The big money return in crypto is:::

The big money return in crypto is:::
1. Starting it, hyping it, selling it, and getting out, leaving the
suckers holding the bag.
2. Handling/storing it for others.
...a. Not your own money/crypto. Someone else's money/crypto.
...b. Lots of fraud/money manipulation/theft/lack of regulation.
3. Backed by trust/faith/great promises/optimism... but no
real assets.
4. It can literally disappear and good luck with lawsuits.
------------------
A few have profited by 'investing' but not the majority.

[oasis]

2. +1. What KVBVadu2 said

[DJ Synikus Makisimus]

3. Just FYI re: Andreessen Horowitz

https://www.opensecrets.org/orgs/andreessen-horowitz/summary?id=D000047147

[RandiFan1290]

4. Ripple from San Francisco

They donate mostly to Democrats.

[Ford_Prefect]

5. 100 million to spend suggests just how very much more they are trying to protect...Ouch!

[PSPS]

6. There's big money to be made laundering cash for criminal activities.

[bluestarone]

7. Cryptol was

The RETHUGS way to laundering money to destroy our democracy.

[cstanleytech]

8. Probably Russia, China, and North Korea.

[rockfordfile]

9. Stay away from crypto.

[justaprogressive]

10. Crypto is a Bezzle!

they embezzle your money with false promises, then, too late. you figure it out.


YOU WERE CONNED