Crypto giants have amassed $160 million to support crypto-friendly US candidates

According to Bloomberg, cryptocurrency billionaires and their allies have accumulated $160 million to protect their wealth by supporting US candidates who advocate for light regulation of the crypto industry. This massive fund has made the cryptocurrency industry one of the most influential participants in federal campaign finance. This funding has proven to be disruptive in California Senate elections. In November, it could be a key factor in helping Republicans win a majority of Senate seats.