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Crypto Industry Eclipses Defense, Big Pharma in Political Giving

June 2, 2022, 5:17 PM

Crypto executives are now pouring more money into US politics than many of America’s industrial stalwarts.

Political donations from the sector surged to more than $26 million during 2021 and the first three months of this year. That influx of cash is outpacing spending by internet giants, drug makers and the defense industry -- providing a fresh pool of financing for candidates heading into November’s congressional elections.

The issue of regulating virtual tokens is not nearly as divisive as gun control or abortion rights. But the upcoming election will be highly consequential for crypto: Congress may weigh in with new ...