The US government is notably behind many other countries in terms of crypto adoption. While many other nations including Germany, Australia, Norway, and other developed economies make notable advancements in regulating, adopting, or implementing crypto, the US seems to be very slow and, to add insult to injury, unmethodical in its approach to the issue.
The Blockchain association formed by huge players in the crypto market such as Kraken, Crypto.com, and Circle is looking into increasing its efforts to lobby for a more crypto-friendly policy-making in the US.
How crypto magnates outspend other industries in the political race
The November elections are just around the corner and many lobbyists are injecting money into campaigners to ensure that their interests are represented in congress. In a surprising twist, the biggest spender during this campaign is the crypto industry which outpaces all other industries including defense, oil and gas, and transportation.
The crypto industry put $72.8 million in the pockets of congressional candidates with the oil and gas sector following closely behind and spending over $70.6 million on political lobbying. The new united effort will be conducted through the new organization called the BA PAC committee that will focus on political giving from several prominent players in the crypto industry.
The committee will concentrate its activities on pushing for creating a crypto-friendly environment in the US economy by wisely distributing funds between promising candidates and ensuring that the crypto industry has representatives in congress that can protect the interests of the crypto community on the federal level.
The 2024 presidential elections will be the biggest focus of the committee
The BA PAC organization is created ahead of the midterm elections but will focus strongly on the next presidential elections. During this campaign season, the biggest donor from the crypto sector was FTX represented by Bankman-Fried’s $41 million and Ryan Salame’s $18 million donations.
The name of BA PAC stands for Bitcoin Association Protect Our Future. The committee will try to divide its efforts equally between Republican and Democratic candidates to ensure “unbiased” representation and a stronger bipartisan effort on creating policies that will allow the crypto industry to continue growing in the US.