Crypto executives withdrew their political contributions immediately in the run-up to the Nov. 8 midterm elections, recent campaign finance documents filed with the Federal Election Commission show.
Spending, already more than $80 million since January 2021, has slowed significantly as candidates enter the final stages of the midterm elections. Donors typically pour more money into campaigns and other political committees in the third quarter than in any other period.
However, cryptocurrency donations have been around $5 million or less per month since July, with $3.9 million in September down 63 percent from $10.4 million in June. The first 19 days of October continued to be subdued, with freight rates below $600,000.