Shontel Brown, D-Ohio, and progressive challenger Nina Turner. in this way - that we can actually get politicians to represent their interests."īig money is also flowing into the matchup between incumbent Rep. "We want them to realize that if they use their voice - if they play in D.C. "We're very passionate groups of people - people who were frankly disaffected by politics and by the government and by existing institutions," said Grant McCarty, one of the group's founders. The PAC focuses exclusively on bitcoin and is on track to raise at least $1 million by the end of the cycle.
Mandel is one of the four upstart candidates - two Republicans and two Democrats across the country - endorsed by the Financial Freedom PAC, which launched earlier this month. "Ohio must be a pro-God, pro-family, pro-bitcoin state," he tweeted in December. He has a five-star rating from HODLpac and spoke at a massive bitcoin conference in Miami last month. Last year, he sold his stocks and instead put the money into cryptocurrency. "And we're not shy, as an industry, to say and support what we value, and that includes political giving." "The crypto industry is proud to support elected officials who believe in the true potential of the crypto economy in the U.S.," said Kristin Smith, executive director of the Blockchain Association, a crypto trade group. The industry quickly built up its lobbying machine on Capitol Hill, and it hopes to harness that same energy for the elections. But the battle over the federal infrastructure bill last summer - which included new IRS reporting requirements for the industry - galvanized crypto executives and enthusiasts alike. HODLpac, which reported nearly $230,000 in contributions, rates candidates' credibility on issues important to crypto investors.Įlections are a new arena for an industry built on distrust of government and decentralized control. Other FTX executives are involved in GMI PAC, which has already brought in $6 million and plans to spend $20 million this cycle. The group has raised $14 million - most of it from the billionaire Bankman-Fried - and could tip the scales in House races in Ohio and Oregon. Sam Bankman-Fried, CEO of crypto exchange FTX, is the primary force behind the political action committee Protect Our Future.
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