US trade group Blockchain Association announced on Monday that it has formed a political action committee, to be called BA PAC, joining an industry trend of trying to wield greater influence over presidential candidates. approaching midterm elections in November.
The Blockchain Association, founded in 2019, has 90 members, according to its website, including many big names in the industry. Binance is a notable exception, as it pulled out of the association in April to lobby Congress on its own. The stated purpose of the association is “to educate policy makers, courts, law enforcement and the public about crypto networks[,] ledgers and the need for regulatory clarity.
Association director Kristin Smith said in a tweet:
“BA PAC is a bat signal for lawmakers: crypto is here to stay and we will support candidates who share this vision.”
Smith promised a non-partisan selection process for pro-crypto candidates that the Blockchain Association will support.
2/ BA PAC will leverage the full power of the crypto industry to support pro-crypto candidates.
This is a natural step for a growing industry, and the CAP will reflect the perspective of @BlockchainAssn because it identifies candidates to support in their candidacy for office or re-election.
— Kristin Smith (@KMSmithDC) September 12, 2022
Information from lobbying tracker Open Secret indicates that the Blockchain Association has already spent $930,000 on lobbying this year, hiring at least three lobbying firms to help. Additionally, individual members, employees, or owners of the Blockchain Association, as well as immediate family members of such individuals, have made $104,500 in political contributions, including $8,500 to the Republican National Congressional Committee and several lawmakers from both parties receiving $5,800 each.
According to a Bloomberg analysis, crypto industry donors made $72.8 million in contributions to “federal candidates and committees” between January 2021 and the end of July 2022. This sum significantly exceeded contributions from the oil sectors. and gas, transport and defence.
Related: Crypto-Focused PAC Has Used $9 Million to Back Democratic Candidates Since January
Venture capitalists Digital Currency Group registered as a lobby group in July. In August, the Crypto Action Network registered as a 501(c)(4) organization — welfare — and purchased advertising in several states and the District of Columbia.
