The Blockchain Association will be rolling out its own political action committee, the BA PAC, as the crypto industry tries to gain a foothold in politics in the U.S., Coindesk wrote.
The Blockchain Association is a prominent crypto trade group, and its members include stablecoin issuer Circle and exchanges like Crypto.com and Kraken.
The PAC will contribute to the campaigns of candidates from both U.S. parties who are “pro-crypto,” said Kristin Smith, the executive director of the Blockchain Association.
The chairwoman of the PAC will be Julie Stitzel, the vice president of public policy at Coindesk parent company Digital Currency Group.
While the timing of the announcement won’t be able to make an impact on the elections this year for midterms, the PAC plans to donate to candidates anyway this year.
“We believe crypto is by definition a nonpartisan 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.”
The report noted that Smith has donated to candidates from both parties, along with right-leaning fundraising group WinRed, per FEC data.
The crypto industry has been generous in its political giving in recent months, with its new PACs giving more than many other more established industries. Sam Bankman-Fried, for example, has given tens of millions of dollars to American political causes and funds in the last few years.
In June, PYMNTS reported that crypto companies had over $26 million in political donations toward U.S. politics during 2021 and the first three months of this year.
Read more: Crypto Pours $26M Into US Political Campaigns Through Q1 ’22
The spending has surpassed that of internet giants, drug makers and the defense industry. And it gave more money for candidates vying for office for this year’s midterm Congress elections. Several issues have been big in the crypto space, including the question of how to regulate the virtual tokens.
The midterm elections could add to changes for the industry — the new Congress might make new laws for crypto, and government agencies might look into consumer protections.
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