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According to Bloomberg, crypto executives pulled back on political giving in the immediate run-up to the Nov. 8 midterm elections, a move that followed the crash in digital currencies like Bitcoin and Ether. The industry emerged as a significant player in political spending in 2022 and outpaced donor groups such as drugmakers and defense contractors for much of the current two-year election cycle. But recent campaign-finance filings to the Federal Election Commission show this spending, which has topped $80 million since January 2021, slowed significantly as candidates entered the final stretch of the midterm election races. In the third quarter, donors typically pour more money into campaigns and other political committees than any other period. Yet crypto has given around $5 million or less each month since July, with September’s $3.9 million representing a 63% drop from the $10.4 million in June. The slump continued in the first 19 days of October, with a haul of less than $600,000.

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【Crypto political giving falls right before US midterm elections】According to Bloomberg, crypto executives pulled back on political giving in the immediate run-up to the Nov. 8 midterm elections, a move that followed the crash in digital currencies like Bitcoin and Ether. The industry emerged as a significant player in political spending in 2022 and outpaced donor groups such as drugmakers and defense contractors for much of the current two-year election cycle. But recent campaign-finance filings to the Federal Election Commission show this spending, which has topped $80 million since January 2021, slowed significantly as candidates entered the final stretch of the midterm election races. In the third quarter, donors typically pour more money into campaigns and other political committees than any other period. Yet crypto has given around $5 million or less each month since July, with September’s $3.9 million representing a 63% drop from the $10.4 million in June. The slump continued in the first 19 days of October, with a haul of less than $600,000.

Crypto political giving falls right before US midterm elections

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