Blockchain Association forms BA PAC to influence politicians.
The US-based Blockchain Association has formed a political action committee – BA PAC – to exert greater influence on candidates as they approach the mid-term elections in November.
Established in 2019, the trade group has 90 members including many of the leading names in the industry. Binance withdrew from BA PAC in April to lobby Congress on its own. The association aims to educate policymakers, courts, law enforcement, and the public about crypto networks, ledgers, and the need for regulatory clarity.
Kristin Smith, the Blockchain Association director, tweeted that BA PAC is a bat signal for lawmakers. She said crypto is here for good, and as such, the association will support candidates who share that vision. Smith highlighted that the association supports a nonpartisan selection approach for pro-crypto candidates. BA PAC will deploy the full might of the crypto industry to support pro-crypto candidates. Smith says it’s a natural step for a growing industry as it identifies candidates to support as they seek office or re-election.
Open Secret, a lobbying tracking platform, outlined that the Blockchain Association has spent $930,000 on campaigning already this year. It engaged at least three lobbying firms for assistance. Moreover, the trade group’s individual members, employees, or owners, and those individuals’ immediate family members made $104,500 in political contributions. Around $8,500 went to the National Republican Congressional Committee and several legislators from both parties received $5,800 each.
Crypto industry donors, as per a Bloomberg analysis, gave $72.8 million in contributions to federal candidates and committees between January 2021 and the end of July 2022. The amount exceeded contributions made by the oil & gas, transportation, and defense sectors.