Fun

Crypto Super PAC uses $2.5M to support Washington, Michigan Democrats

News Feed - 2024-07-27 02:07:00

Turner Wright6 hours agoCrypto Super PAC uses $2.5M to support Washington, Michigan DemocratsA crypto PAC used roughly $1.5 million to fund a media buy for Democrat Emily Randall, while her rival’s campaign manager criticized the move as having “sold out” the district.2049 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksUpdate (July 26 at 7:22 pm UTC): This article has been updated to include a statement from Fairshake.


Less than two weeks before the State of Washington’s Democratic primary, candidate Emily Randall received a boost from the crypto political action committee (PAC) Protect Progress.


According to July filings with the Federal Election Commission, the Protect Progress Super PAC used $1.5 million to fund a media buy supporting the Democratic candidate. Randall is rated as a “strong” crypto supporter, according to Coinbase’s Stand With Crypto political initiative. The project cites funds donated to Fairshake — an affiliate of Protect Progress — on its landing page.


“I believe in the importance of driving technological innovation and economic growth, including through blockchain technology and the digital asset industry,” said Randall’s campaign website.


Derek Kilmer has represented Washington’s 6th Congressional District since 2013, but he announced in November that he did not intend to seek reelection. Many Democratic Party members also support Hilary Franz, the state’s commissioner of public lands.Source: CATargetBot0001


In a July 24 statement, Franz’s campaign manager, Eve Zhurbinskiy, said Protect Progress was “primarily funded” by donors for Republican presidential nominee Donald Trump. Some pundits suggested that the money from crypto-fund Super PACs undermined the electoral process.


“Elections should be decided by the people – not outside MAGA-funded Super PACs seeking to buy members of Congress,” said Zhurbinskiy. “Emily Randall is benefiting from $1.4 million in cryptocurrency spending because she’s sold out our district to the highest bidder.”


Fairshake spokesperson Josh Vlasto told Cointelegraph the PAC was “proud to support Emily, her record of getting things done, and progressive vision for the country.” He added Protect Progress was "backed by a bipartisan group of leading crypto and blockchain innovators."


Related:Politicians may be using crypto to influence the US elections


The Washington race was the second in the last seven days that Protect Progress may be influenced by crypto interest groups’ funding. In Michigan’s 13th Congressional District, the crypto PAC supported incumbent Shri Thanedar with a $1-million media buy. The Democratic candidate was rated as “strongly supportive” of digital assets by Stand With Crypto.


Thanedar, who has served in the US Congress since 2023, voted in favor of the Financial Innovation and Technology for the 21st Century Act and a resolution to overturn a Securities and Exchange Commission rule on banks handling crypto. Cointelegraph reached out to Thanedar’s office but did not receive a response at the time of publication.


According to data from Follow the Crypto, the Fairshake PAC and its affiliates Protect Progress and Defend American Jobs have spent roughly $42 million to support or attack candidates in congressional races, including those in Michigan, Washington, Arizona, New York and California. Notably, the organizers do not seem to have used the funds for the 2024 presidential race between Republican Donald Trump and presumptive Democratic nominee Kamala Harris.


Magazine:Crypto voters are already disrupting the 2024 election — and it’s set to continue# Washington# Cryptocurrencies# Politics# Elections# RegulationAdd reaction

News Feed

International Operation Disrupts Ransomware Group Netwalker by Tracing Cryptos With the Help of Blockchain Analysis
International Operation Disrupts Ransomware Group Netwalker by Tracing Cryptos With the Help of Blockchain Analysis In collaboration with Bulgarian authorities,
Savannah Fortis9 hours agoUS and China AI-tech standoff shows signs of spreading to other countriesThe ongoing spat between the United States and China over emerging tech like AI continues as U.S. President Joe Biden res
Fed Bans Senior Officials From Cryptocurrency Investing
Fed Bans Senior Officials From Cryptocurrency Investing The Federal Reserve has banned its senior officials from investing in cryptocurrency. “Officials covered by the new r
Robert Kiyosaki Expects Bitcoin’s Price to Keep Rising — Says ‘I’m Betting on It’
Robert Kiyosaki Expects Bitcoin"s Price to Keep Rising — Says "I"m Betting on It" The author of Rich Dad Poor Dad, Robert Kiyosaki, expects the price of bitcoin to keep rising. &
Abkhazia Lifts Two-Year Ban on Bitcoin Mining, Moves to Regulate the Sector
Abkhazia Lifts Two-Year Ban on Bitcoin Mining, Moves to Regulate the SectorAbkhazia, the self-governing but disputed territory of just 245,000 people sandwiched between Russia and G
Cleanspark Reveals Texas Expansion — Bitcoin Miner Plans to Add 500 MW of Mining Power
Cleanspark Reveals Texas Expansion — Bitcoin Miner Plans to Add 500 MW of Mining Power Bitcoin miner Cleanspark has revealed the company is expanding operations in Texas with up
Bank of Uganda Reportedly Commences CBDC Study
Bank of Uganda Reportedly Commences CBDC Study The Bank of Uganda (BOU) has commenced a study that explores the feasibility of issuing a digital currency. However, an executive wit
Trading Platform Robinhood Announces Upcoming Launch of Cryptocurrency Wallets
Trading Platform Robinhood Announces Upcoming Launch of Cryptocurrency Wallets Trading platform Robinhood has announced the beta launch of its cryptocurrency wallets, which is set
Biggest Movers: DOGE Drops to 5-Day Low on Wednesday
Biggest Movers: DOGE Drops to 5-Day Low on Wednesday Dogecoin slipped to a five-day low on Wednesday, as the meme coin fell for a second straight session. The move saw prices drop
CPI meets $60K BTC price battle — 5 things to know in Bitcoin this week
William Suberg6 minutes agoCPI meets $60K BTC price battle — 5 things to know in Bitcoin this weekBitcoin hunts liquidity to start the week as BTC price indicators converge on the key $60,000 zone.47 Total viewsListen
Ethereum ETFs start strong but lag epic Bitcoin ETF launch — Analysts
Alex O’Donnell4 hours agoEthereum ETFs start strong but lag epic Bitcoin ETF launch — AnalystsAnalysts worry ETH will prove a harder sell than BTC to traditional investors.1246 Total views5 Total sharesListen to arti
Email auto-reply vulnerability allows hackers to mine cryptocurrency
Ezra Reguerra7 hours agoEmail auto-reply vulnerability allows hackers to mine cryptocurrencyHackers exploit email auto-replies to spread crypto-mining malware, hijacking unsuspecting users’ systems to mine cryptocurren