"The Blockchain Association" Sets Up New Crypto Industry PAC

Anew political action committee has been established by the Blockchain Association, which claims to be "the collective voice of the blockchain and crypto industries," adding to the growing campaignfinance efforts to influence the U.S. government's debate over digital assets.

Blockchain-based networks and cryptocurrencies are transforming financial and digital services. A reputable group of crypto and blockchain industry leaders founded the association to support American leadership in the industry through innovation and collaboration.

According to Kristin Smith, the association's executive director, the BA PAC will contribute to both major parties' "pro-crypto" candidates. According to the group's filing with the Federal Election Commission, the timing is too late to make an impact in November's midterm elections, in which Republicans will try to surge into power in Congress or Democrats will maintain their tenuous grip. The PAC will, however, be able to exert influence before the 2024 presidential election.

The PAC will still donate to candidates for this November's election, though a press release Smith said declined to identify which candidates at this point in time. "We believe crypto is by definition a non-partisan issue," Smith said in a tweet on Monday. "We will support candidates in that spirit, seeking the best champions for this technology no matter which side of the aisle they come from." Smith herself has donated to candidates from both parties, as well as right-leaning fundraising group WinRed, according to FEC data.

The industry has quickly become one of the dominant forces in political giving, with its new PACs outpacing many of the political efforts from more established industries. Crypto billionaires such as Sam Bankman-Fried, founder of the FTX crypto exchange, have poured tens of millions of dollars of their own money into U.S. politics over the past few years.

The chairwoman of the PAC will be Julie Stitzel, vice president of public policy at Digital Currency Group. Seth Hertlein, the head of policy at Ledger, and Ryan Selkis, founder of crypto data company Messari, will also serve as directors. Jonathan Jachym is the head of policy at Kraken, while John McCarthy is counsel at Wicklow Capital. —Crypto Weekly