Crypto Industry PACs Increase Support for US Republicans Ahead of Elections, Spending Nearly $170 Million Combined

Odaily Report: In the final weeks before the November 3 US midterm elections, crypto industry-related political action committees (PACs) have further ramped up their political spending, with an overall lean toward supporting Republican candidates. The three major crypto industry PACs have spent nearly $170 million combined, with Fairshake and its affiliated organizations spending $154 million and retaining $56 million for the next election cycle.Additionally, the Digital Freedom Fund, primarily backed by the Winklevoss brothers, spent over $8 million this month, focusing on preventing Democratic candidates from winning Senate seats in Ohio, Texas, and Iowa. The Fellowship Fund, which has close ties to Tether, previously spent $3.8 million supporting Republican candidates and subsequently spent $600,000 supporting Democratic candidates, including $300,000 in support of New York Congressman Ritchie Torres.Although the PACs in question all lean toward supporting Republicans, the industry still positions its political spending as bipartisan, aimed at supporting crypto-friendly candidates. Fairshake's major funding supporters include Coinbase, a16z, and Ripple Labs. The crypto industry's nearly $170 million in political spending this cycle has made it one of the most politically active industries in the current US congressional elections. (CoinDesk——