{"text":[[{"start":12.88,"text":"The crypto and AI industries have raised about $250mn over the past year to support congressional candidates in November’s US midterm elections, according to a FT analysis of campaign finance records."}],[{"start":29.619999999999997,"text":"Marc Andreessen, Ben Horowitz and other billionaire tech investors gave tens of millions of dollars to political action committees in the first quarter of 2026, which were disclosed in filings released ahead of a deadline of midnight on Wednesday."}],[{"start":47.15,"text":"Andreessen and Horowitz, co-founders of their eponymous Silicon Valley venture firm, donated a combined $25mn in February to Leading The Future, a “Super” Pac that can raise unlimited sums, as they seek to support pro-AI candidates. "}],[{"start":65.75,"text":"In January, Cantor Fitzgerald, the Wall Street firm formerly led by commerce secretary Howard Lutnick, gave $10mn to the pro-crypto Fellowship Pac. Cantor, run by Lutnick’s son Brandon, has partnered with stablecoin Tether. Anchor Labs, the parent company of a major crypto platform, gave Fellowship Pac another $1mn."}],[{"start":90.33,"text":"Elon Musk, the xAI co-founder and wealthiest man in the world, in March gave $1.6mn to America Pac, which he set up in 2024 to support Donald Trump’s campaign for the White House."}],[{"start":106.58,"text":"The regulation of AI is shaping up to be one of the biggest — and most divisive — issues in the midterms. Recent polling has shown that a majority of Americans support stricter rules to govern AI, including many of Trump’s 2024 voters."}],[{"start":124.03,"text":"In a sign of the divisions within Republicans over the issue, senators Josh Hawley and Marsha Blackburn last year blocked a plan by the White House to ban state-level regulation of the industry, while Republican-led states continue to defy the White House by trying to pass new AI rules."}],[{"start":143.07,"text":"Many of the Pacs that have raised money from the tech sector in the past year support both Republican and Democratic candidates."}],[{"start":151.22,"text":"The AI lobby is urging Congress to pursue a light-touch approach to the regulation of the industry and prevent states from imposing their own rules. The crypto industry is pushing for legislation that will create a trading structure for cryptocurrencies."}],[{"start":168.41,"text":"Industries beyond AI and crypto have also spent heavily to support congressional candidates. In the first three months of the year, FanDuel, DraftKings and Fanatics gave $41mn to a new Super Pac, Win for America, as the rapidly growing sports-betting industry draws scrutiny from Washington."}],[{"start":192.05,"text":"But it is the AI and crypto industries that have raised the lion’s share over the past year. Since the start of 2025, the Republican National Committee and Democratic National Committee have respectively raised $207mn and $167mn."}],[{"start":212.9,"text":"Fairshake, the crypto industry’s biggest Super Pac, alone has amassed more than $134mn."}],[{"start":221,"text":"In 2025 and 2026, Leading The Future raised about $75mn from billionaires including Andreessen, Horowitz and OpenAI co-founder Greg Brockman. "}],[{"start":235.24,"text":"The group claimed on Wednesday to have secured even more — a total of $140mn — when taking into account “dark money” non-profits such as Build American AI, which doesn’t have to disclose its donors."}],[{"start":251.57,"text":"LTF and its affiliates have already spent heavily on a congressional primary contest in Midtown Manhattan, opposing Democratic candidate Alex Bores, who helped pass New York’s state AI safety law and has called for tough federal regulations. "}],[{"start":269.25,"text":"Bores is backed by rival Pacs supported by Anthropic, the AI company that has broken with the rest of the industry in calling for robust safety rules."}],[{"start":280.93,"text":"Anthropic has pledged to contribute $20mn to a non-profit, Public First Action, which has then directed millions to Super Pacs to influence the 2026 elections. But Anthropic’s AI rivals are donating much more. "}],[{"start":298.07,"text":"Beyond Manhattan, LTF and its affiliates have intervened in races in Illinois, California, New Jersey and Texas, supporting candidates seen as friendly to the AI sector."}],[{"start":311.71,"text":"The crypto Pacs have also backed candidates in several races across the country, including Nate Morris in Kentucky, who is running for the Senate seat vacated by Mitch McConnell. "}],[{"start":325.95,"text":"Musk poured $10mn into a pro-Morris Super Pac this year. But the founder of Tesla, xAI and SpaceX has given less to Pacs than in 2024, when he spent more than a quarter of a billion dollars to support Trump."}],[{"start":344.73,"text":"In 2025, Musk gave more than $45mn to America Pac, $10mn each to two Super Pacs supporting Republican candidates for Senate and Congress, and another $5mn to pro-Trump Maga Inc. "}],[{"start":362.57,"text":"Over the first three months of 2026, Musk gave about $1.6mn to his own America Pac and nothing else to the GOP groups, according to the latest financial disclosures."}],[{"start":376.26,"text":"His attempt to intervene in a Wisconsin Supreme Court race last year ended in failure, after Musk’s preferred candidate lost by a large margin despite $23mn being spent on his campaign."}],[{"start":402.28,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1776387404_5992.mp3"}