A newly established nonprofit organization, supported by the crypto industry, has established a mailing address just outside of Washington, D.C. The Cedar Innovation Foundation, incorporated in Delaware, has taken steps to exert its influence in the nation's capital. It has launched advertisements targeting influential lawmakers who are up for reelection and has quietly hired a team of strategists to advocate on its behalf. These actions are part of a larger initiative by the crypto industry to shape the political landscape leading up to the 2024 elections, as various crypto-related bills make their way through Congress.
The crypto market is seeking to recover from a tumultuous year, which included high-profile scandals such as the criminal conviction of FTX founder Sam Bankman-Fried for fraud and a plea deal for Binance founder Changpeng Zhao. In an effort to sway policymakers, crypto groups spent over $18 million on lobbying in the previous year. The Cedar Innovation Foundation, however, does not disclose its donors or provide information about its leadership or location on its website.
Sources familiar with the matter have revealed that Cedar Innovation is receiving substantial funding from players in the crypto industry, with Coinbase expected to contribute by the end of the year. The organization has recently enlisted the services of Mindset Advocacy, a lobbying firm that has previously worked with prominent entities such as Goldman Sachs, Amazon Web Services, and Barclays, as disclosed in a recent report and data from OpenSecrets, a nonpartisan organization.
Dennis Kelleher, CEO of the nonprofit Better Markets, anticipates significant spending by the crypto industry this year to counter lawmakers critical of crypto. He predicts a surge in crypto-funded "dark" money campaigns against those who do not align with the industry's interests. As the year progresses, the influence of the crypto industry in political circles is expected to grow.
Congratulations @mason22! You received a personal badge!
You can view your badges on your board and compare yourself to others in the Ranking
Check out our last posts:
Congratulations @mason22! You received a personal badge!
You can view your badges on your board and compare yourself to others in the Ranking
Check out our last posts: