AI and crypto firms set spending records in elections
The US midterm elections saw a record-breaking level of spending by companies and billionaires in the technology and cryptocurrency sectors, totaling approximately $517 million over fifteen months, surpassing the previous record of $461 million set in 2024. These entities employed advanced funding tools to support candidates aligned with their interests, investing around $294 million through networks of political action committees and nonprofit organizations, especially in the cryptocurrency, technology, and sports betting sectors. Estimates suggest that total advertising expenditure on the elections could reach $11.6 billion—a new record—while these sectors are seeking to influence policy indirectly and attempt to sideline opponents to regulations and rules.
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