Pro-crypto Super PAC backs winners of Democratic primaries for House seats

cyptouser7 months agoCryptocurrencies News127
1205f261>

A political action committee (PAC) used $3.7 million toward Democratic candidates in Alabama and Texas for the race to win seats in the United States House of Representatives starting in 2025. 

In an April 16 runoff between Democratic candidates to represent Alabama’s 2nd Congressional District, Shomari Figures defeated Anthony Daniels with roughly 61% of the vote. Figures is expected to face off against Republican Caroleene Dobson in the general election, scheduled for Nov. 5.

According to data from the Federal Election Commission (FEC), the Protect Progress Super PAC used roughly $1.7 million from donations, including Coinbase and Ripple Labs, to support Figures’ bid for office between July 2023 and February 2024. A Protect Progress spokesperson told Cointelegraph that an additional $950,000 was reported after February, with the funds used to purchase advertisements supporting Figures and polling.

Protect Progress’ website states the Super PAC “supports Democratic candidates committed to securing the United States as the home to innovators building the next generation of the internet,” specifically promoting blockchain technology. The group is affiliated with the Fairshake Super PAC, which was responsible for funding attack ads targeting Democratic Senate candidate Katie Porter in California.

Figures’ campaign website listed cryptocurrency among his issues as part of efforts “to stimulate innovation and technological advancement” and address regulatory concerns related to digital assets. According to the FEC, the Alabama candidate’s campaign raised roughly $400,000 — 14% of what Protect Progress contributed to his election bid.

“Shomari believes in working together to support innovation and create good paying jobs for his community and all Americans,” Josh Vlasto, a spokesperson for Protect Progress, told Cointelegraph. “We are proud to support leaders like Shomari on both sides of the aisle.“

Related: Crypto users could ‘make a difference in a close election’ in the US — CoinFlip CEO

FEC records showed Protect Progress also used roughly $1 million to support Julie Johnson’s bid to represent Texas’ 32nd Congressional District in the House. Johnson won her local Democratic primary with 50.4% of the vote in March but also raised roughly $1.3 million for her campaign.

Her campaign website stated that the U.S. “must lead the development of crypto and blockchain technology” while expressing concern about “clear rules of the road” for the industry. Following the primary election results, Coinbase chief policy officer Faryar Shirzad posted a congratulatory message on X:

Source: Faryar Shirzad

The U.S. general election on Nov. 5 will determine the winner of both aforementioned congressional seats and the other 433 in the House of Representatives, 34 in the Senate, and the Presidency. Other elections are seemingly being represented as a microcosm of pro- and anti-crypto views in government, including one between Massachusetts Senator Elizabeth Warren and lawyer John Deaton.

Magazine: Opinion: GOP crypto maxis almost as bad as Dems’ ‘anti-crypto army’

The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

SBF will likely serve 25 years rather than max sentence, former DOJ prosecutor says

Former FTX CEO Sam Bankman-Fried may not receive a maximum sentence, CNBC said on Nov. 4, citing sta...

AaveDAO debates Dai collateral limit after $600M mint with eUSD backing

AaveDAO debates Dai collateral limit after $600M mint with eUSD backing

92485d12˃The Aave decentralized autonomous organization (AaveDAO) continued to debate limits to Dai...

Bitcoin RSI copies 2017 bull run as trader says $75K key for BTC price

Bitcoin RSI copies 2017 bull run as trader says $75K key for BTC price

55966e89˃Bitcoin (BTC) is quietly copying a key feature from the 2016 bull market which kicks in at...

IRS adds cryptocurrency income tax question to four more tax forms

IRS adds cryptocurrency income tax question to four more tax forms

The IRS on Jan. 22 reminded all taxpayers to answer a question about digital assets and report all d...

Vitalik Buterin breaks down ‘Binius’ as a way to speed up zero-knowledge proofs

Vitalik Buterin breaks down ‘Binius’ as a way to speed up zero-knowledge proofs

55966e89˃Ethereum co-founder Vitalik Buterin has discussed a new cryptographic proving system that a...

Is Germany selling its BTC? Arkham-tagged wallet sparks curiosity

Is Germany selling its BTC? Arkham-tagged wallet sparks curiosity

55966e89˃A crypto wallet labeled “German Government (BKA)” by the crypto onchain analytics firm Arkh...