The Blockchain Association, a US-based trade group, announced on Monday that it has formed a political action committee called BA PAC, joining an industry trend to seek more influence over candidates as the November elections approach.
Blockchain Association, founded in 2019, has 90 members, according to its website, which include many top names in the industry. Binance is a notable exception resigned from the association to lobby Congress independently in April. The association’s stated goal is to “educate politicians, courts, law enforcement and the public about crypto networks[,] books of accounts and the need for clarity of legal regulations.”
Association director Kristin Smith tweeted:
“BA PAC is a bat signal to legislators: cryptocurrency is here to stay and we will support candidates who share this vision.”
Smith promised an impartial selection process for cryptocurrency candidates to be supported by the Blockchain Association.
2/ BA PAC will use the full power of the crypto industry to support pro-crypto candidates.
This is a natural step for a growing industry and the PAC will reflect the POV @BlockchainAssn as it identifies candidates to support as they seek office or re-election.
— Kristin Smith (@KMSmithDC) September 12, 2022
Open Secret’s lobbying tracking information suggests that the Blockchain Association has spent $930,000 in lobbying already this year, with at least three lobbying firms enlisted to help him. In addition, individual members or employees or owners of the Blockchain Association and the immediate family members of such individuals made $104,500 in political contributions, with $8,500 going to the National Republican Congressional Committee and several lawmakers from both parties receiving $5,800 each.
Crypto industry donors, according to Bloomberg analysis gave $72.8 million in contributions to “federal candidates and committees” between January 2021 and the end of July 2022. This amount far exceeded contributions from the oil and gas, transportation and defense sectors.
Venture capital digital currency group registered as a lobbying group in July. In August, the Crypto Action Network registered as a 501(c)(4) – welfare organization – and purchased advertising in several states and the District of Columbia.