Former 2020 US presidential candidate reveals Super PAC to popularize Web3

Tether stablecoin founder and 2020 US presidential candidate Brock Pierce has announced the formation of a super PAC focused on popularizing blockchain technology.

Pierce, who had previously hinted at running for the Vermont Senate seat, noted that the Super PAC would focus mainly on pushing for the development of Web3, Politico reported on August 11.

According to Pierce, development of Web3 is a means of combating the influence of large technology companies alongside promoting other priority areas such as food safety. Specifically, Super PACs are independent, expense-only political committees that can potentially receive unlimited contributions from individuals and corporations.

The super PAC called One America is expected to spend at least $5 million during the current election cycle, with another $5 million in donations. However, the group’s targeted candidates are yet to be identified, but it will focus on the Northeast region.

Expanding Super PACs’ influence

Interestingly, Pierce noted that he was “just getting started” and he plans to expand the PAC’s influence even during the 2024 election.

In particular, cryptocurrencies are, for the first time, taking center stage in the US election cycles ahead of the midterms as the country moves towards regulating the sector. The regulation is partly necessitated by the market collapse in 2022.

In a previous interview with Finbold, Pierce had stated that the uncertainty in the crypto market was hurting innovation in the sector.

Lobbying is increasing

Several players in the crypto sector have unveiled PACs aimed at gaining influence in Washington and promoting the sector while focusing on friendly regulatory outcomes. For example, the founder of the FTX crypto exchange Sam Bankman-Fried has donated about 40 million dollars to the political course in 2022 alone.

Some of the crypto players involved in the lobbying are already playing a role in the existing crypto regulatory proposals. Notably, in coming up with the comprehensive US crypto legislation, Wyoming Senator Cynthia Lummis stated that she had gathered feedback from crypto supporters who will continue to be instrumental when the bill is debated.

Overall, the current crypto PACs are likely to grow in influence ahead of the 2024 election.

A previous Finbold report revealed that money spent on crypto lobbying increased by 116% in 2021, driven mainly by regulatory uncertainty.

Featured image via Finbold YouTube