Blockchain Association Unveils BA PAC To Support Pro-Crypto From Both US Parties

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The United States-based trade group Blockchain Association announced Monday that it had formed a political action committee called BA PAC, thus participating in an industry trend to try to exert more influence over candidates as they hold the midterm elections in November. approach.

Founded in 2019, the Blockchain Association has 90 members, including many of the industry’s leading names, according to its website. Binance is a notable exception, as it withdrew from 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.”

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Association director Kristin Smith said in a tweet:

“BA PAC is a bat signal to lawmakers: crypto is here for good and we will support candidates who share that vision.”

Smith promised an impartial selection process for the pro-crypto candidates that the Blockchain Association will support.

Lobby tracker information Open Secret indicates that Blockchain Association has already spent $930,000 on lobbying this year, involving at least three lobbying companies to help it. In addition, individual members or employees or owners of Blockchain Association, and the immediate family members of those individuals have made $104,500 in political contributions, with $8,500 to the National Republican Congressional Committee and various legislators from both parties receiving $5,800 each.

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According to an analysis by Bloomberg, crypto industry donors gave $72.8 million in contributions to “federal candidates and committees” between January 2021 and the end of July 2022. That amount significantly exceeded contributions from the oil and gas, transportation and defense sectors.

Related: Crypto-Targeted PAC Has Used $9 Million To Support 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) – social welfare organization – and bought ads in several states and the District of Columbia.

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