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The Blockchain Association goes into politics by creating a BA PAC committee. He will raise funds for candidates running for Congress in the United States in November this year. As The Blockchain Association’s executive director Christine Smith told Bloomberg, there are many ways to be influential in Washington, and relationships are a key part of that. And it is donations to politicians that are a key part of such a relationship.
This decision of the Blockchain Association is caused by the fact that it is trying to influence the policy in the United States so that it becomes more liberal and progressive in relation to cryptocurrencies.
How much money does the Blockchain Association plan to spend to sponsor candidates in the elections
Earlier, cryptocurrency companies allocated $ 72.8 million to federal candidates from January 2021 to July, as an analysis of the reports of the Federal Election Commission shows. This amount exceeds $70.6 million provided by oil and gas companies, $55.4 million provided by the transportation sector, and $25.4 million provided by defense consortia over the same period.
In turn, the Blockchain Association hopes that the new BA PAC committee will be able to attract employees of 100 companies participating in the Blockchain Association in its fundraising efforts.
Throughout October, committee representatives will work with these companies to ask for permission to collect donations from their employees. Next, the PAC Board of Directors will determine the strategy for the distribution of the funds received.
The board of directors includes Jonathan Yahim, Head of Global Policy at Kraken, John McCarthy, General Counsel of Wicklow Capital Inc. Ryan Selkis, Founder and CEO of Messari Inc. Seth Hertlein, Global Head of Policy at Ledger SAS.
The committee will also work in the 2024 presidential election.
Who exactly is going to support the Blockchain Association in the midterm elections in November
According to representatives of the committee, they will provide support to all supporters of cryptocurrencies, regardless of party affiliation. Most likely, the funds will be donated equally, 50% will be allocated to Democrats and 50% to Republicans who support the liberalization of the cryptocurrency industry in the United States. There are 2 months away from the election and the Blockchain Association hopes to raise millions of dollars for candidates running for Congress.
Author: Vadim Gruzdev, Analyst Freedman Club Crypto News
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