The Wall Street Journal: The cryptocurrency industry has invested $73 million in the U.S. midterm elections, surpassing the total of the defense and automotive industries

ChainCatcher news reports that, according to data from the research organization OpenSecrets, cryptocurrency companies and their employees have contributed $73 million to the U.S. 2022 midterm elections, surpassing the total contributions from the defense and automotive industries for this election, and significantly higher than the $13 million from the 2020 cycle. As of the end of September this year, cryptocurrency companies have spent $15 million on political lobbying, exceeding the total of the previous eight years.

Among them, FTX Trading Ltd. has currently become the third-largest donor in this campaign, following George Soros's company (the largest donor to the Democratic Party) and the cardboard manufacturer Uline. Coinbase policy director Hermine Wong stated, "This year's election is the most important one for the crypto space, and we believe that the legislators who succeed in this cycle will be responsible for drafting the final legislation governing the crypto sector." The Wall Street Journal noted that this midterm election is akin to a bet for the crypto industry, leading to a rapid increase in political spending and the implementation of unusually aggressive strategies to influence lawmakers. (Source link)