Blockchain Association Forms ‘Non-Partisan’ Crypto PAC
The Blockchain Association will roll out its own political action committee, BA PAC, as the crypto industry tries to gain a foothold in US politics, Coindesk wrote.
The Blockchain Association is a prominent crypto trade group, and its members include stablecoin issuer Circle and exchanges such as Crypto.com and Kraken.
The PAC will contribute to the campaigns of candidates from both US parties who are “pro-crypto,” said Kristin Smith, executive director of the Blockchain Association.
The PAC will be chaired by Julie Stitzel, vice president of public policy at Coindesk’s parent company Digital Currency Group.
Although the timing of the announcement will have no impact on this year’s midterm elections, the PAC plans to donate to candidates regardless this year.
“We believe crypto is by definition a non-partisan issue,” Smith said in a tweet on Monday. “We will support candidates in that spirit, seeking the best champions of this technology no matter which side of the aisle they come from.”
The report noted that Smith has donated to candidates from both parties, along with right-leaning fundraising group WinRed, according to FEC data.
The crypto industry has been generous in its political contributions in recent months, with its new PACs giving more than many other more established industries. Sam Bankman-Fried, for example, has given tens of millions of dollars to American political causes and foundations in recent years.
In June, PYMNTS reported that crypto companies had over $26 million in political donations to US politics during 2021 and the first three months of this year.
Read more: Crypto Pours $26M into US Political Campaigns Through Q1 ’22
Spending has outstripped internet giants, drugmakers and the defense industry. And it gave more money to candidates running for office in this year’s midterm congressional elections. Several issues have loomed large in the crypto space, including the question of how to regulate the virtual tokens.
The midterm elections could bring changes for the industry – the new Congress could create new laws for crypto, and government agencies could look at consumer protection.
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