Cryptocurrency industry super PACs that supported candidates in the 2024 election cycle are rapidly seeing the benefits of their investment as pro-digital currency legislation continues to see immediate wins in Washington, The New York Times reported.

Sen. Ruben Gallego, D-Ariz., received $10 million from super PACs bankrolled by three crypto companies, including Coinbase digital currency exchange, aiding his victory over Kari Lake, the current senior adviser for the U.S. Agency for Global Media.

Following a Senate Banking Committee hearing, Gallego voted with Republicans to advance the Guiding and Establishing National Innovation for U.S. Stablecoins Act, a bill supported by the cryptocurrency industry.

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