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Crypto’s Political Influence: $263 Million Prepared to Compete with Big Oil

Following its notable success in the 2024 elections, the cryptocurrency sector is significantly increasing its financial commitments as it gears up for the 2026 midterm elections. A select group of super political action committees (PACs) dedicated to cryptocurrency is amassing a substantial war chest, estimated at approximately $263 million. This figure is based on filings from the Federal Election Commission and various public disclosures.

This amount represents nearly double the resources that the largest PAC, Fairshake, utilized during the 2024 election cycle, according to data compiled by OpenSecrets. The growing financial clout of the crypto industry highlights its ambition to influence political agendas and compete with established sectors, such as Big Oil.

As the midterms approach, this strategic investment underscores the crypto industry’s commitment to shaping regulatory frameworks and public policy that align with its interests. The insights from Bloomberg’s Bill Allison shed light on this emerging trend in political financing within the cryptocurrency landscape.

For further details and updates, stay tuned to Bloomberg Crypto.

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Source: Original