A A cryptocurrency industry group will form a new political action committee at the end of the 2022 midterm election cycle to help shape the next Congress’s perspective on the new industry.
The Blockchain Association PAC, which represents more than 100 organizations in the industry, was formed in September 2022 to influence and fund candidates interested in the cryptocurrency industry in future election cycles.
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“If you’re interested in having a conversation about crypto, we want to talk to you,” said executive director Christine Smith Washington detective.
Smith worked as an aide on Capitol Hill for 10 years, focusing on technology policy. In the year She founded the association herself in 2018 and quickly expanded it to represent various entities in the industry including Circle, Ledger, Ripple and many others.
The formation of the Blockchain Association PAC just last month means there will be no significant financial impact on the 2022 midterm elections, but it follows a significant increase in crypto lobbying and election funding.
Super PACs with ties to the cryptocurrency industry have invested tens of millions in the 2022 races. Crypto-friendly PACs have invested more than $31 million in 2022 primaries since July, according to a review released by the Federal Election Commission. Roll call. At least two PACs were founded by Sam Bankman-Fried, founder of crypto exchange FTX.
Crypto lobbying is also on the rise. In the second quarter of 2022, the industry spent at least $6.8 million lobbying Congress. Roll call.
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In the year The increase in crypto-funded lobbying and PACs in 2022 was inspired by President Joe Biden’s bipartisan infrastructure bill in 2021 and several debates surrounding crypto-related provisions, Smith said. Biden has proposed new crypto reporting requirements that will make a big difference 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 and said, ‘Oh, wow, people are talking about crypto on the floor of the United States Senate.’ I need to know. How to be a part of that process,’” Smith said.
When asked which races she’ll be following, Smith mentioned the Senate campaigns of Rep. Ted Budd (R-NC) and Rep. Tim Ryan (D-OH) — both of whom “support good regulatory solutions for crypto,” she said. .”