May 6 (Reuters) - Outside political groups tied to the

cryptocurrency industry have raised more than $102 million to

spend on the upcoming U.S. congressional elections in order to

elevate candidates who are friendly to digital assets, according

to a report from Public Citizen.

WHY IT'S IMPORTANT

Only two other political groups, or super PACs, have raised

more money than the crypto sector this election cycle, Public

Citizen said.

The money raised by crypto-backed super PACs shows how

crypto companies are hoping to influence policies in their favor

as the industry is facing increased scrutiny from regulators

such as the Securities and Exchange Commission, as well as

lawmakers.

BY THE NUMBERS

About $54 million of the crypto industry's political war

chest comes from direct corporate expenditures, primarily from

Coinbase and Ripple Labs, according to the report.

The remainder comes from crypto executives and venture

capitalists: $11 million each from the founders of Andreessen

Horowitz, $5 million from crypto exchange Gemini founders

Cameron and Tyler Winklevoss, and $1 million from Coinbase CEO

Brian Armstrong.

CONTEXT

Crypto-backed super PACs have said they will focus their

spending on November's U.S. Senate races in Ohio and Montana,

where Democrats Sherrod Brown and Jon Tester are seeking

reelection.

Both Brown and Tester sit on the Senate Banking Committee

and have been critical of cryptocurrency, particularly its use

by groups that the U.S. has deemed bad actors, including Hamas

and North Korea's Lazarus Group.