Blockchain Association unveils BA PAC to support pro-crypto from both US parties
The US-based trade group Blockchain Association announced on Monday that it had formed a political action committee, to be called the BA PAC, joining an industry trend to try to exert more influence on candidates as they approach November’s midterm elections.
The Blockchain Association, founded in 2019, has 90 members, according to its website, which includes many of the leading names in the industry. Binance is a notable exception, as it withdrew from the association in April to lobby Congress on its own. The association’s stated goal is “to educate decision makers, courts, law enforcement and the public about crypto networks[,] ledger and the need for regulatory clarity.”
Federation director Kristin Smith said in a tweet:
“BA PAC is a bat signal to legislators: crypto is here for good, and we will support candidates who share that vision.”
Smith promised a nonpartisan selection process for the pro-crypto candidates the Blockchain Association will support.
2/ BA PAC will leverage the full power of the crypto industry to support pro-crypto candidates.
This is a natural step for a growing industry and PAC will reflect POV @BlockchainAssn as it identifies candidates to support as they seek office or re-election.
— Kristin Smith (@KMSmithDC) 12 September 2022
Lobby tracking information Open Secret indicates that the Blockchain Association has spent $930,000 on lobbying already this year, engaging at least three lobbying firms to help it. In addition, Blockchain Association individual members or employees or owners, and those individuals’ immediate family members, earned $104,500 in political contributions, with $8,500 going to the National Republican Congressional Committee and several lawmakers from both parties receiving $5,800 each.
According to a Bloomberg analysis, crypto industry donors made $72.8 million in contributions to “federal candidates and committees” between January 2021 and the end of July 2022. That sum significantly exceeded contributions from the oil and gas, transportation and defense sectors.
Related: Crypto-focused PAC has spent $9 million to support Democratic candidates since January
Venture capitalists Digital Currency Group registered as a lobby group in July. In August, Crypto Action Network registered as a 501(c)(4) – social welfare – organization and purchased advertising in several states and the District of Columbia.
