Crypto.com and Kraken, with stablecoin distributor Circle among them cryptocurrency Blockchain Association, a leading crypto trading group with members including exchanges, is establishing its own political action committee.
Thus, the industry, which wants US policy to move in a more crypto-friendly direction, has taken a new step.
Cryptocurrency Representatives in the US Establish Their Own Political Action Committee
Kristin Smith, executive director of the Blockchain Association, said in an interview with Bloomberg:
“There are many different ways to be influential in Washington, but relationships are an important part of it. Political donations are an important part of relationships.”
Smith said he hopes the new committee, called the BA PAC, can transform the existing relationships of the Blockchain Association’s nearly 100 member companies into fundraising activities.
Over the next few months, PAC will reach out to these companies to ask their employees for permission to ask for donations. Next, the PAC board will determine the best strategy to distribute the funds it receives.
Julie Stitzel, vice president of public policy at the Digital Currency Group, chairs the board of PAC.
Other board members are: Smith; Jonathan Jachym, Kraken’s head of global policy; Wicklow Capital Inc. general counsel John McCarthy; Messari Inc. founder and CEO Ryan Selkis; and Seth Hertlein, head of global policy at Ledger SAS.
With only two months left until the upcoming midterm elections, the PAC is focused on the next term, which includes the 2024 presidential election.
BA PAC, bitcoin He joins a growing list of committees supported by some of the industry’s most influential names, such as Sam Bankman-Fried, CEO of cryptocurrency trading pioneer FTX. Bankman-Fried and the company’s co-chief executive, Ryan Salame, donated $41.1 million and $18.4 million, respectively, making them the two largest donors in the industry.
According to a statement to Bloomberg, the mission of the BA PAC will be to “support pro-crypto candidates in the political arena.” Smith said the committees hope to donate about 50% of their funds to Democrats and 50% to Republicans.
*Not investment advice.
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