Is Blockchain Association gearing up to lobby candidates ahead of elections

ambcrypto.com:

Washington-based trade group Blockchain Association has announced that it will be launching a Political Action Committee (PAC) in a bid to support pro-crypto candidates.

The committee will focus its efforts on influencing the administration to take a friendlier stance on crypto. The committee aims to achieve this by lobbying politicians in their interest ahead of the midterm elections slated for November later this year. 

Kristen Smith, executive director of Blockchain Association, has stated that her organization will identify appropriate candidates whose visions are in line with the committee’s cause, and back those candidates as they run for office or seek re-election.

Smith clarified in a Twitter thread that crypto is a non-partisan issue, and candidates from both the Republican and the Democratic parties will be supported as long as they are friends of crypto. “BA PAC will leverage the full might of the crypto industry to support pro-crypto candidates,” Smith added.

According to Opensecrets.org, a non-profit that tracks political donations, Blockchain Association’s lobbying expenditure for this year so far adds up to $930,000. Notable beneficiaries include Congressman Tom Emmer’s fundraising committee, which received $50,000 during this election cycle.

The association’s expenditure, however, is a drop in the bucket compared to the $72.8 million that the crypto industry donated to various candidates and committees between January 2021 and July 2022. 

Analysis by Bloomberg shows that the expenditure by the crypto industry has dwarfed that of the oil and gas industry and the defense industry which spent $70.6 million and $25.4 million respectively, over the same period.

According to its website, the Blockchain Association has