Crypto PACs Amass $180 Million War Chest for Midterm Races (1)

Political groups tied to the cryptocurrency industry are sitting on a nearly $180 million war chest ahead of this year’s midterm elections, giving it the ability to outspend even some of the Republican Party’s most prominent super PACs.

Marc Andreessen, co-founder of Andreessen Horowitz.

Photographer: David Paul Morris/Bloomberg

Most of that money is left over from last year with the vast majority held by Fairshake, a group largely funded by Coinbase Global Inc., Ripple Labs and venture firm Andreessen Horowitz.

Since January, the eight political action committees and super PACs associated with the crypto world raised just over $11 million, according to the latest Federal Election ...