CRYPTO LOBBYING HAS A NEW PAC

It’s the American Way. 

The Crypto industry is quickly catching on to how friendlier legislative stances develop in Congress. It’s a road paved with money.

Last week The Blockchain Association, with more than 90 industry members, announced the formation of their “BA PAC,” adding to an already concerted effort by players in the sector to advocate for crypto-friendly regulation.

According to a Bloomberg analysis of FEC records, crypto tied interests gave 72.8 million dollars to federal candidates and committees from January 2021 through July of 2022.

That’s more money than lobbying efforts of the gas and oil industry and defense industry, according to Cointelegraph.

Of course, those established industries have other ways of influencing politicians, as recent news concerning huge stock investments by Congress members in industries they directly oversee, amply shows (see “THE RAMPANT CORRUPTION OF “LEGAL” CONGRESSIONAL STOCK TRADING HITS A NEW LOW” in this issue for more on that.)

Smith said in a series of tweets on 12 September about the formation of the BA PAC:

“BA PAC will leverage the full might of the crypto industry to support pro-crypto candidates. This is a natural step for a growing industry, and the PAC will mirror the POV of @BlockchainAssn as it identifies candidates to support as they seek office or re-election…”

“…We believe crypto is by definition a non-partisan issue. We will support candidates in that spirit, seeking the best champions for this technology no matter which side of the aisle they come from…

“BA PAC is a bat signal for lawmakers: crypto is here for good and we will support candidates who share that vision and embrace the idea that this technology is a positive force for improving the lives of our fellow citizens”

As crypto technology has become a major issue on the radar of governments around the world, the crypto sector has predictably responded with stepped up advocacy.

During this season’s primaries, 29-year-old Ryan Salame, CEO of crypto exchange FTX has so far been one of the more quietly active political donors from the sector.

Salame contributed 13.4 million dollars in support of 15 GOP congressional candidates, according to The Washington Examiner.

Somewhat oddly for someone who describes himself as a libertarian, Salame said he decided to enter politics this year because he thinks the federal government is woefully unprepared for future pandemics.

Many libertarians believe the Federal government’s draconian dictates during the COVID War greatly compounded the problems.

Salame has formed his own super PAC, American Dream Federal Action.

Salame’s colleague at FTX, Sam Bankman-Fried, meanwhile, has been a major Democratic donor, according to the Examiner.