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The three major political action committees in the U.S. cryptocurrency industry spent approximately $170 million to influence the midterm elections, with funding clearly favoring the Republican Party

According to CoinDesk, as the U.S. midterm elections on November 3 approach, the three major political action committees (PACs) in the cryptocurrency industry have collectively invested about $170 million to support congressional candidates, with the overall funding flow clearly favoring the Republican Party, despite recent polls and prediction markets indicating that the Democratic Party is more likely to expand its influence in Congress.Among them, Fairshake, supported by Coinbase, a16z, and Ripple Labs, has invested about $154 million and retained approximately $56 million for the next round of elections. The Digital Freedom Fund, backed by the Winklevoss brothers, has invested over $8 million this month, focusing on preventing Democratic candidates in Ohio, Texas, and Iowa from winning Senate seats. The Fellowship Fund, closely related to Cantor Fitzgerald and Tether, primarily supports Republican candidates while providing a total of $600,000 to three incumbent Democratic lawmakers.Reports indicate that Fairshake has invested nearly $56 million to prevent former Democratic Senator Sherrod Brown from returning to the Senate and has invested nearly $11 million to support Nebraska Republican Senator Pete Ricketts.Currently, the prediction market Kalshi gives the Democratic Party about a 70% chance of controlling both the House and Senate simultaneously. Even if the Republican candidates supported by the cryptocurrency industry win, significant legislation regarding the future structure of the cryptocurrency market and taxation will still need to seek Democratic support to overcome the procedural threshold of 60 votes typically required in the Senate.

The U.S. cryptocurrency industry has invested approximately $63 million to block Sherrod Brown's return to the Senate

According to CoinDesk, the U.S. cryptocurrency industry is investing about $63 million in an attempt to prevent former Senator Sherrod Brown from returning to Congress in the Ohio elections. Among them, the cryptocurrency industry's super political action committee Fairshake has invested nearly $56 million, while the political action committee under the Winklevoss brothers has invested about $7.2 million. Including the election spending for 2024, the political contributions from the cryptocurrency industry targeting Brown have exceeded $100 million in the past two years.The latest polls show that Brown has a slight lead over incumbent Senator Jon Husted, but the margin in most polls is still within the margin of error. The prediction market Kalshi gives Brown a 68% chance of winning, while also predicting a 68% chance for the Democrats to regain control of the Senate.Brown previously served as the chairman of the Senate Banking Committee and did not promote legislation for the cryptocurrency industry during his tenure. Reports indicate that if the Democrats regain control of the Senate, Elizabeth Warren may become the chairman of the Banking Committee, and Brown could also obtain an important committee position, which would influence the advancement of cryptocurrency market structure bills such as the CLARITY Act.
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