New Industry PAC to Support Pro-Crypto Candidates
ONE cryptocurrency industry group has formed a new political action committee at the end of the 2022 midterm election cycle with hopes of helping shape the next Congress’s view of the emerging industry.
The Blockchain Association, a group representing more than 100 organizations in the industry, formed its PAC in September 2022 with hopes of influencing and, in future election cycles, funding candidates interested in the cryptocurrency industry.
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“If you’re interested in having a conversation about crypto, we want to talk to you,” CEO Kristin Smith added Washington Examiner.
Smith worked as an aide on Capitol Hill for 10 years, focusing on technology policy. She single-handedly founded the association in 2018 and has quickly expanded it to represent a range of entities within the industry, including Circle, Ledger, Ripple and several others.
The Blockchain Association PAC’s formation just last month means it won’t have a significant financial impact on the 2022 midterm elections, but it follows a massive surge in crypto lobbying and election funding.
Super PACs with ties to the cryptocurrency industry have invested tens of millions in the 2022 races. Crypto-adjacent PACs invested more than $31 million in the 2022 primaries as of July, according to Federal Election Commission disclosures reviewed by Roll call. At least two PACs have been founded by Sam Bankman-Fried, founder of the crypto exchange FTX.
Crypto lobbying has also been on the rise. The industry spent at least $6.8 million lobbying Congress in the second quarter of 2022, according to Roll call.
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The 2022 surge in crypto-funded lobbying and PACs was inspired by several debates in 2021 surrounding President Joe Biden’s bipartisan infrastructure bill and crypto-related provisions, according to Smith. Biden had proposed new crypto reporting requirements that would cause a big change for anyone involved in digital wallet development or crypto miners. “What we saw last year with the infrastructure fight last summer is that people … woke up to the fact that, ‘Oh, wow, there are people talking about crypto on the floor of the United States Senate. I have to find out. how to be a part of that process,” Smith said.
Asked what races they were keeping an eye on, Smith mentioned the Senate campaigns of Rep. Ted Budd (R-NC) and Rep. Tim Ryan (D-OH) – both, she said, have supported “good regulatory solutions for crypto”. .”
