Crypto Industry's PACs Raise $161 Million for US Election, Coinbase Donates $25 Million

Coinbase has donated $25 million to political action committees (PACs) for the upcoming US election, bringing the total amount raised by the crypto industry to $161 million. The funds will be used to support congressional candidates who are open to pro-crypto positions. Super PACs like these are not allowed to have official connections with candidates' campaigns, but they can buy ads for or against them. The House Majority PAC, which supports Democratic candidates in the House, plans to spend $186 million on advertising this year, but has only received $86 million in contributions so far. A16z has also added $25 million to its crypto election fund to support a Congress that is friendly towards cryptocurrencies.