The cryptocurrency industry is spending heavily to try and influence the outcome of U.S. elections scheduled for this November.
According to a report from the nonprofit elections watchdog group Public Citizen, nearly half of all corporate donations made during the current election cycle have come from crypto firms.
To date, $119 million U.S. has been contributed by crypto companies to both Republican and Democratic candidates seeking elected office, as well as presidential campaigns.
Of the nearly $120 million U.S. donated, 80% has come from crypto exchange Coinbase Global (COIN) and privately held Ripple Labs, which facilitates a digital payments network.
Most of the money has been allocated to super PACs that are supporting pro-crypto candidates running for office in the U.S.
The heavy political spending comes amid heightened scrutiny of the cryptocurrency industry and threats by lawmakers in Washington, D.C. to introduce new regulations on digital assets.
Both Coinbase and Ripple are engaged in protracted legal battles with the U.S. Securities and Exchange Commission (SEC) over allegations of trading improprieties.
In recent months Donald Trump, the Republican presidential nominee, has tried to position himself as a pro-crypto candidate, even speaking at a major crypto conference.
However, Public Citizen’s report notes that money from crypto firms is being donated to both the Republican and Democratic parties as Congressional and presidential races remain tight.
