Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration
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.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.
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