Cryptocurrency has proved a powerful currency as it has been added as a form of donation towards the upcoming United States federal elections.
The inclusion of crypto donations is already making strides in influencing the balance of power. OpenSecrets data reported that contributions from the cryptocurrency industry have already surpassed 2020 totals by more than two-thirds.
Crowdpac Becomes First Federal Election Donation Platform to Accept Crypto
Donations platform Crowdpac is pushing federal election donations in crypto by being the first major federal election donation platform to accept digital assets. The platform promises to simplify the donation process and ensure the campaigns using its services comply with Federal Election Commission regulations.
Commenting on the announcement, Crowdpac’s owner Christopher Tavlarides said that by accepting crypto, the platform is helping its members innovate and break free from big partisan processors that favor the entrenched status quo, not taking innovative payment methods. Crowdpac has four million engaged users and 360,000 active donors.
Crowdpac explained that once it receives the crypto donation, it immediately liquidates it, and the funds are sent to the campaigns through direct deposit or check. Thus, the donation recipients in crypto need not worry about cryptocurrency’s volatility.
Candidates Backed by Crypto Investors are Scoring Wins
Election analysts have mentioned that political parties backed by wealthy crypto investors secured some wins in the 2022 midterm primaries. For instance, Rep. Shontel Brown (D-Ohio) scored against Nina Turner with the support of Protect Our Future. The super PAC is funded by Sam Bankman-Fried, the co-CEO of FTX.
Former state Senator, now Indiana Republican Erin Houchin, also won a House primary on Tuesday. Houchin is backed by another super PAC, American Dream Federal Action, funded by FTX’s other co-CEP, Ryan Salame.
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