Is the Blockchain Association Prepared to Squeeze Candidates Ahead of Elections

Washington-based trading group Blockchain Association It announced that it will launch a Political Action Committee (PAC) in an effort to support pro-crypto candidates.

The committee will focus its efforts on influencing the administration to take a more friendly attitude towards cryptocurrencies. The committee aims to achieve this through the pressure Politicians in their own interest before midterm elections It is planned for November later this year.

Everyone looks at the center

Kristen SmithThe CEO of the Blockchain Association said her organization will identify suitable candidates whose visions align with the committee’s cause, and will support those candidates as they run or apply. Re-election.

Smith explained on Twitter wire This cipher is one nonpartisan Question, and candidates from both the Republican and Democratic parties will be supported as long as they are crypto-friendly. “BA PAC will harness the full power of the crypto industry to support pro-crypto candidates,” Smith added.

according to opensecrets.orgA nonprofit that tracks political donations, the Blockchain Society’s lobbying spending for the year so far is coming to an end 930 thousand dollars. Notable recipients include Congressman Tom EmerFundraising Committee, which received $50,000 during this election cycle.

Cryptocurrency lobbying expenses

However, the assembly expenses are lower in the bucket compared to $72.8 million That the cryptocurrency industry has donated it to several candidates and committees between January 2021 and July 2022.

An analysis by Bloomberg shows that spending by the cryptocurrency industry has dwarfed spending by ooil and gas industry and ddefense Industry that spent $70.6 million And the $25.4 million during the same period.

According to her websiteIt has a Blockchain Association 90 Individuals. The association has industry-leading names among its members, including Ripple, USDC with Circle issuance, Solana, and even crypto exchanges like Kraken and crypto.com.

Former members of the Bibliotheca Alexandrina

Currency basewho was a founding member of the Blockchain Association, left shortly after the Binance competitor joined in August 2020. Coinbase is spending aggressively on lobbying, with total spending for this general Total so far $1.76 million. That’s more than $1.5 million she spent in 2021.

Binance He was a member of the Blockchain Association but left in April of this year to pursue independent lobbying efforts and soon set up his own government affairs team in Washington, D.C.

CEO Changpeng Zhao took to Twitter to point out that his company was spending less on lobbying than big rival Coinbase. data From Opensecrets.org, explains that Binance has spent $410,000 On pressure so far in 2022.

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