Crypto Super PACs Eye Senate Races; Stablecoin Bill Swirls In Senate

crypto super PACs

The influence of crypto-powered Political Action Committees (PACs) on upcoming Senate races such as Senate Banking Chair Sherrod Brown (D, OH) and Senator Jon Tester (D, MT) is the subject of a weekend article by Politico’s Jasper Goodman. Josh Vlasto, a representative for an amalgamation of Fairshake, Defend American Jobs and Protect Progress, tells Goodman, “…we will evaluate a candidate’s leadership on issues important to the crypto and blockchain community, the viability of a candidate, the importance of the election, and our ability to impact the race.” Read all about it.

crypto super PACs – spend

Looking at the latest database figures, each of the PACs seems to have a different strategy for spending on candidates.

Defend American Jobs has supported four Republican candidates thus far according to available data:

    • Gov. Jim Justice (WV) for Senate
    • Senator Jim Banks (IN) is running for re-election
    • State Rep. John Bradford (NC) is running for Congress
    • State Rep. Tim Moore (NC) is running for Congress

Fairshake PAC has supported a bipartisan list of members mostly from House Financial Services according Open Secrets data. But, by far the largest campaign donation was to oust Rep. Katie Porter (D) from the California race for U.S. Senate. See the list.

Finally, Protect Progress shows donations for two first-time, Democratic, U.S. Congressional candidates: Shomari Figures (AL) and Julie Johnson (TX).

stablecoin bill – update

The new Senate stablecoin bill first hinted at by Senator Kirsten Gillibrand (D, NY) back in December may be making another step forward.

According to Axios’ Brady Dale last week, Senator Gillibrand along with her RFIA counterpart Senator Cynthia Lummis (R, WY) are coordinating with House Financial Services on the bill. Axios reports that “staff at the New York Department of Financial Services, the Federal Reserve, Treasury and the National Economic Council have provided technical assistance on the Senate version.” Read it.

Team Lummis-Gillibrand have previously re-introduced in the 118th Congress the “Responsible Financial Innovation Act” (RFIA) [S.2281], a comprehensive regulatory framework for digital assets.

stablecoin bill – what they’ve said

Back in early January, Senator Lummis told blockchain tipsheet regarding stablecoin legislation, “We’re getting closer. Our staffs communicate on a regular basis and we remain very positive and hopeful that stablecoin legislation can move forward this year -in spite of it being an election year -and in spite of the abbreviated days in session that accompany election years.” Read that one.

The crux of the issue has been Democratic leadership’s desire to let the Federal Reserve have the last word on any stablecoin issuance – known as “pre-emptive” rights.  Pro-crypto advocates including Lummis and House Financial Chair Patrick McHenry (R, NC) have held firm on the need for “parallel” or states rights (or “dual banking”) concerning issuance of stablecoins.

Last month, House Financial Services member Rep. Ritchie Torres (D, NY), – a strong proponent of parallel rights considering his home state’s financial regulator (NYDFS) – offered a possible solution for stablecoin law telling blockchain tipsheet: “I could imagine a regime of tiered regulation in which… if a stablecoin reaches a certain size or passes a certain threshold, then it’s primarily subject to federal regulation. So there is a compromise to be struck.” View the interview.

no time flat

Blackrock now owns nearly 200,000 Bitcoin in support of the demand for its Exchange Traded Product – BlackRock iShares Bitcoin ETF (IBIT). That’s a Net Asset Value of almost $14 billion at current prices of around $70,000 per Bitcoin. Recent data says the BlackRock ETF holds more than Microstrategy but about half of what Grayscale’s Bitcoin Trust holds (~400,000 Bitcoin). Read more in Cointelegraph.

more tips:


Why the SEC Might Reject Spot Ether ETFs – Unchained

states – Wyoming DAO law

CoinDesk’s Jesse Hamilton reports that Wyoming Governor Mark Gordon (R) signed into law a new legal framework for decentralized autonomous organizations (DAOs) last week: “[DAO’s] were already cleared to establish themselves as limited-liability corporations (…). Now DAOs can also secure themselves as unincorporated nonprofit associations.” Read more.

Miles Jennings, general counsel at venture a16z, says in a blog post that the new framework enables “blockchain networks to operate within the bounds of applicable laws without compromising their decentralization. This is a major breakthrough as it will provide DAOs with much-needed protections and empower them to keep blockchain networks open.”

Read Jennings’ “The DUNA: An Oasis For DAOs.

what you should know: Finding the way forward for decentralized finance within today’s applicable laws from centralized government remains a huge challenge. Without decentralization, there is no benefit from crypto-related products.


Bitcoin is about to undergo another ‘halving’ event — here’s what that means – Business Insider

still more tips

UK-focused retail broker eToro considers New York for IPO – The Economic Times

Life at Regional and Small Banks, One Year After SVB Failed – The Wall Street Journal

Bitcoin’s black swan event: How the return of Satoshi could pose a $75 billion threat – Fortune

Amid explosive demand, America is running out of power – The Washington Post