Crypto industry spends $176 million on US election races as CLARITY Act stalls

The cryptocurrency sector has allocated approximately $176 million to influence over 100 US congressional races ahead of the November 3 midterm elections, focusing its efforts even as its signature legislative proposal, the CLARITY Act, remains blocked in Congress. A Reuters investigation revealed that Fairshake, a leading super political action committee (PAC) in the crypto space, along with affiliated groups, has directed about $150.8 million through October 20 into political spending. Additional cryptocurrency organizations contributed a further $25 million, pushing total crypto-linked expenditures during this election period to unprecedented levels.